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Risk, Rationality, and Religious Portfolios

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  • Iannaccone, Laurence R

Abstract

This paper derives a theory of religious behavior and organization from the assumption that people seek to limit the risk associated with their religious activities. Alternative risk reduction strategies lead to different styles of religion: one centering on collective production, exclusivity, and high levels of commitment; another centering on private production, diversified consumption, and fee-for-service transactions. Western religions, particularly their more sectarian forms, exemplify the collective style, whereas Asian and New Age religions approximate the private. Copyright 1995 by Oxford University Press.

Suggested Citation

  • Iannaccone, Laurence R, 1995. "Risk, Rationality, and Religious Portfolios," Economic Inquiry, Western Economic Association International, vol. 33(2), pages 285-295, April.
    • Handle: RePEc:oup:ecinqu:v:33:y:1995:i:2:p:285-95
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    RePEc Biblio mentions

    As found on the RePEc Biblio, the curated bibliography for Economics:
    1. > Economics, Ethics, and Culture > Religion and Faith > Rational Choice Theory

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    Cited by:

    1. Benito Arrunada, "undated". "Catholic Confessions of Sin as Third Party Moral Enforcement," Gruter Institute Working Papers on Law, Economics, and Evolutionary Biology 3-1-1013, Berkeley Electronic Press.
    2. John A. Pearce II & David A. Fritz & Peter S. Davis, 2010. "Entrepreneurial Orientation and the Performance of Religious Congregations as Predicted by Rational Choice Theory," Entrepreneurship Theory and Practice, , vol. 34(1), pages 219-248, January.
    3. Becker, Sascha O. & Pfaff, Steven & Rubin, Jared, 2016. "Causes and consequences of the Protestant Reformation," Explorations in Economic History, Elsevier, vol. 62(C), pages 1-25.
    4. Opfinger, Matthias & Gundlach, Erich, 2011. "Religiosity as a determinant of happiness," Open Access Publications from Kiel Institute for the World Economy 48360, Kiel Institute for the World Economy (IfW Kiel).
    5. Clippe, Paulette & Ausloos, Marcel, 2012. "Benford’s law and Theil transform of financial data," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 391(24), pages 6556-6567.
    6. Zhiyang Liu & Zuhui Xu & Zhao Zhou & Yong Li, 2019. "Buddhist entrepreneurs and new venture performance: the mediating role of entrepreneurial risk-taking," Small Business Economics, Springer, vol. 52(3), pages 713-727, March.
    7. Ghosh, Saibal, 2022. "Religiosity and bank performance: How strong is the link?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 33(C).
    8. Mario Ferrero & George Tridimas, 2018. "Divine Competition in Greco–Roman Polytheism," Homo Oeconomicus: Journal of Behavioral and Institutional Economics, Springer, vol. 35(3), pages 143-166, September.
    9. Mario Ferrero, 2014. "Competition between Judaism and Christianity: Paul's Galatians as Entry Deterrence," Kyklos, Wiley Blackwell, vol. 67(2), pages 204-226, May.
    10. Mario Ferrero, 2013. "A theory of conversion to exclusive religious and political faiths," Chapters, in: Francisco Cabrillo & Miguel A. Puchades-Navarro (ed.), Constitutional Economics and Public Institutions, chapter 19, pages 345-360, Edward Elgar Publishing.
    11. Li, Shuanglong & Chen, Yunsong & He, Guangye, 2018. "Laugh and grow fat: Happiness affects body mass index among Urban Chinese adults," Social Science & Medicine, Elsevier, vol. 208(C), pages 55-63.
    12. Pedro Pita Barros & Nuno Garoupa, 2002. "An Economic Theory Of Church Strictness," Economic Journal, Royal Economic Society, vol. 112(481), pages 559-576, July.
    13. Azam, Jean-Paul, 2023. "Was Lucifer a Gambler? A Rational-Choice Hermeneutic of Peter Olivi’s Treatise on Demons," IAST Working Papers 23-157, Institute for Advanced Study in Toulouse (IAST).
    14. Kulkarni, Parashar & Pfaff, Steven, 2022. "Church politics, sectarianism, and judicial terror: The Scottish witch-hunt, 1563 - 1736," Explorations in Economic History, Elsevier, vol. 84(C).
    15. Jenny-Ann Brodin, 2003. "A Matter of Choice: A Micro-Level Study on how Swedish New Agers Choose their Religious Beliefs and Practices," Rationality and Society, , vol. 15(3), pages 381-405, August.
    16. Benito Arruñada, 2003. "Specialization and rent-seeking in moral enforcement: The case of confession," Economics Working Papers 653, Department of Economics and Business, Universitat Pompeu Fabra, revised Jul 2009.
    17. Mario Ferrero, 2014. "Competition Between Exclusive Religions: The Counter-Reformation As Entry Deterrence," Scottish Journal of Political Economy, Scottish Economic Society, vol. 61(3), pages 280-303, July.
    18. Guilong Cai & Wenfei Li & Zhenyang Tang, 2020. "Religion and the Method of Earnings Management: Evidence from China," Journal of Business Ethics, Springer, vol. 161(1), pages 71-90, January.
    19. Berg, Nathan & El-Komi, Mohamed & Kim, Jeong-Yoo, 2016. "Market segmentation and non-uniform Shariah standards in Islamic finance," Journal of Economic Behavior & Organization, Elsevier, vol. 132(S), pages 39-49.
    20. Jin‐Ray Lu & Chih‐Ming Chan, 2012. "Religious‐based portfolio selection," Review of Financial Economics, John Wiley & Sons, vol. 21(1), pages 31-38, January.
    21. Raphaël Franck & Laurence Iannaccone, 2014. "Religious decline in the 20th century West: testing alternative explanations," Public Choice, Springer, vol. 159(3), pages 385-414, June.

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