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Gender Differences in Relative Risk Aversion with Data from the U.S. Federal Reserve Board¡¦s Survey of Consumer Finances

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  • Efstathia Korkou

    (School of Business and Information Systems, York College, The City University of New York, U.S.A.)

Abstract

Earlier research has presented a pattern of decreasing financial relative risk aversion to all types of households, yet greater financial relative risk aversion by women versus men. This current paper brings into light new important evidence about the relative risk aversion of female investors over time working with data from the U.S. Federal Reserve Board¡¦s Survey of Consumer Finances (SCF) for 1989 and 2013 with the latter year reflecting the after-effect of the 2007-2008 financial crisis period. Employing Repeated-Imputation Inference (RII) techniques, we replicate existing results from the 1989 SCF and seek new results from the 2013 SCF. The 1989 results are in large corroborated, while the new results from 2013 indicate a reverse path of increasing (for single-headed households) and constant (for married couples) relative risk aversion, where gender differences persist. Based on our 2013 results, we offer policy and practice improvements.

Suggested Citation

  • Efstathia Korkou, 2018. "Gender Differences in Relative Risk Aversion with Data from the U.S. Federal Reserve Board¡¦s Survey of Consumer Finances," International Journal of Business and Economics, School of Management Development, Feng Chia University, Taichung, Taiwan, vol. 17(3), pages 193-211, December.
    • Handle: RePEc:ijb:journl:v:17:y:2018:i:3:p:193-211
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    More about this item

    Keywords

    relative risk aversion; individual investors; gender differences; survey of consumer finances; replication; RII techniques; policymaking;
    All these keywords.

    JEL classification:

    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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