期刊名称：Discussion Papers / Norwegian School of Economics and Business Administration
印刷版ISSN：0804-6824
出版年度：2009
卷号：2009
出版社：Bergen
摘要：This is the first study that explores the heterogeneity of risk preferences among the Norwegian
population. We measure risk aversion as the complement of the maximal relative downside
income risk a person is willing to bear with 50 percent chance in return for a doubling of their
income with 50 percent chance. The higher this fraction is, the more risk averse is the
respondent. Observing for each respondent the range to which their fraction belongs, we use an
ordered probit model to estimate the effects of socioeconomic characteristics on risk aversion.
We find that women are more risk averse than men, that risk aversion increases with age, and
people who are satisfied with their current life situation are significantly more risk averse than
very satisfied and dissatisfied people. Under the assumption of constant relative risk-aversion
preferences, the sample average for the coefficient of relative risk aversion is 3.9 with a standard
deviation of 2.9, reflecting strong heterogeneity of risk preferences. We also impute a cardinal
risk measure to every respondent and use this as a regressor in various models that explain risky
behavior. We find that the likelihood to smoke, to work in the private sector, to assume the role
of a top manager, to work in a small firm, or to take up a loan to finance a risky investment
depends negatively on the imputed measure of risk aversion.
