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Are women more risk averse than men:? Evidence from a residential real estate bubble

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  • Paul Ryan
  • Clare Branigan

Abstract

A substantial literature in economics and finance has found that women tend to be more risk averse than men. In addition, compared to their male counterparts they tend to shy away from competitive situations. However, there are no extant studies exploring the relative degree of risk aversion and competitive behaviour of men vs. women in a bubble market context. Bubble markets provide a rich context to explore the potential impact of behavioural biases and emotions in investors’ decision making processes (e.g. Shiller, 2000, 2008, 2014; Kindleberger and Aliber, 2011). Drawing on auction data from the Irish residential real estate market, in the middle of a real estate bubble, we find that female winning bidders are no less risk averse or less likely to shy away from competition than their male counterparts. Our results have implications for how gender impacts on decision making in highly charged emotional contexts.

Suggested Citation

  • Paul Ryan & Clare Branigan, 2017. "Are women more risk averse than men:? Evidence from a residential real estate bubble," ERES eres2017_23, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2017_23
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    More about this item

    Keywords

    bubble market; Competition; Gender; risk aversion;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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