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Lay actions in the face of crisis—Swedish citizens’ actions in response to the global financial crisis of 2008

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  • Söderberg, Inga-Lill
  • Wester, Misse
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    Abstract

    This study goes beyond attitudes and behavioral indications as response to risk perceptions and focuses on actual behavior of laypeople. We report the results from a survey, conducted among a sample of Swedish citizens in the spring of 2009, looking at lay actions as responses to the financial crisis of 2008.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics).

    Volume (Year): 41 (2012)
    Issue (Month): 6 ()
    Pages: 796-805

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    Handle: RePEc:eee:soceco:v:41:y:2012:i:6:p:796-805

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    Web page: http://www.elsevier.com/locate/inca/620175

    Related research

    Keywords: Financial crisis; Risk perception; Laypeople; Action; Logistic regression;

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    References

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    1. Christine R. Harris & Michael Jenkins & Dale Glaser, 2006. "Gender differences in risk assessment: Why do women take fewer risks than men?," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 1, pages 48-63, July.
    2. James Crotty, 2008. "Structural Causes of the Global Financial Crisis: A Critical Assessment of the ‘New Financial Architecture’," Working Papers wp180, Political Economy Research Institute, University of Massachusetts at Amherst.
    3. Brahima Coulibaly & Geng Li, 2007. "Choice of mortgage contracts: evidence from the Survey of Consumer Finances," Finance and Economics Discussion Series 2007-50, Board of Governors of the Federal Reserve System (U.S.).
    4. Roland-Lévy, Christine & Pappalardo Boumelki, Fatima-Ezzahra & Guillet, Emilie, 2010. "Representation of the financial crisis: Effect on social representations of savings and credit," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(2), pages 142-149, April.
    5. Pixley, Jocelyn, 2010. "The use of risk in understanding financial decisions and institutional uncertainty," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(2), pages 209-222, April.
    6. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
    7. Engelberg, Elisabeth & Sjoberg, Lennart, 2007. "Money obsession, social adjustment, and economic risk perception," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 36(5), pages 686-697, October.
    8. Marianne A. Hilgert & Jeanne M. Hogarth & Sondra G. Beverly, 2003. "Household financial management: the connection between knowledge and behavior," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Jul, pages 309-322.
    9. Brad M. Barber & Terrance Odean, 2001. "Boys Will Be Boys: Gender, Overconfidence, And Common Stock Investment," The Quarterly Journal of Economics, MIT Press, vol. 116(1), pages 261-292, February.
    10. Duxbury, Darren & Summers, Barbara, 2004. "Financial risk perception: Are individuals variance averse or loss averse?," Economics Letters, Elsevier, vol. 84(1), pages 21-28, July.
    11. Leiser, David & Bourgeois-Gironde, Sacha & Benita, Rinat, 2010. "Human foibles or systemic failure--Lay perceptions of the 2008-2009 financial crisis," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(2), pages 132-141, April.
    12. Lewis, Alan, 2010. "The credit crunch: Ideological, psychological and epistemological perspectives," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(2), pages 127-131, April.
    13. Sacha Bourgeois-Gironde & David Leiser & Rinat Benita, 2010. "Human Foibles or Systemic Failure -- Lay Perceptions of the 2008-09 Financial Crisis," Post-Print ijn_00445611, HAL.
    14. Thaler, Richard H, et al, 1997. "The Effect of Myopia and Loss Aversion on Risk Taking: An Experimental Test," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 647-61, May.
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    Cited by:
    1. Kiss, Hubert Janos & Rodriguez-Lara, Ismael & Rosa-García, Alfonso, 2014. "Do Women Panic More Than Men? An Experimental Study on Financial Decision," MPRA Paper 52912, University Library of Munich, Germany.

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