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Strong Evidence for Gender Differences in Investment

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  • Charness, Gary B
  • Gneezy, Uri

Abstract

Are men more willing to take financial risks than women? The answer to this question has immediate relevance for many economic issues. We propose a novel approach in which we assemble the data from 10 sets of experiments with one simple underlying investment game. Most of these experiments were not designed to investigate gender differences and were conducted by different researchers in different countries, with different instructions, durations, payments, subject pools, etc. The fact that all data come from the same basic investment game allows us to test the robustness of the findings. We find a very consistent result that women invest less, and thus appear to be more financially risk averse than men.

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Bibliographic Info

Paper provided by Department of Economics, UC Santa Barbara in its series University of California at Santa Barbara, Economics Working Paper Series with number qt428481s8.

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Date of creation: 18 Sep 2007
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Handle: RePEc:cdl:ucsbec:qt428481s8

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Keywords: Gender differences; experiment; risk attitudes;

References

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  1. Powell, Melanie & Ansic, David, 1997. "Gender differences in risk behaviour in financial decision-making: An experimental analysis," Journal of Economic Psychology, Elsevier, Elsevier, vol. 18(6), pages 605-628, November.
  2. Eckel, Catherine C. & Grossman, Philip J., 2008. "Men, Women and Risk Aversion: Experimental Evidence," Handbook of Experimental Economics Results, Elsevier, Elsevier.
  3. Michael S. Haigh & John A. List, 2005. "Do Professional Traders Exhibit Myopic Loss Aversion? An Experimental Analysis," Journal of Finance, American Finance Association, American Finance Association, vol. 60(1), pages 523-534, 02.
  4. Catherine C. Eckel & Philip J. Grossman, 2008. "Forecasting Risk Attitudes: An Experimental Study Using Actual and Forecast Gamble Choices," Development Research Unit Working Paper Series, Monash University, Department of Economics archive-01, Monash University, Department of Economics.
  5. Charness, Gary & Gneezy, Uri, 2003. "Portfolio Choice and Risk Attitudes: An Experiment," University of California at Santa Barbara, Economics Working Paper Series, Department of Economics, UC Santa Barbara qt7vz7w609, Department of Economics, UC Santa Barbara.
  6. Renate Schubert, 1999. "Financial Decision-Making: Are Women Really More Risk-Averse?," American Economic Review, American Economic Association, American Economic Association, vol. 89(2), pages 381-385, May.
  7. Gneezy, U. & Potters, J.J.M., 1997. "An experiment on risk taking and evaluation periods," Open Access publications from Tilburg University, Tilburg University urn:nbn:nl:ui:12-73908, Tilburg University.
  8. Roth, Alvin E & Murnighan, J Keith & Schoumaker, Francoise, 1988. "The Deadline Effect in Bargaining: Some Experimental Evidence," American Economic Review, American Economic Association, American Economic Association, vol. 78(4), pages 806-23, September.
  9. Catherine C. Eckel & Philip J. Grossman, 2002. "Sex Differences and Statistical Stereotyping in Attitudes Toward Financial Risk," Development Research Unit Working Paper Series, Monash University, Department of Economics archive-03, Monash University, Department of Economics.
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Citations

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Cited by:
  1. Beck, Thorsten & Behr, Patrick & Güttler, Andre, 2009. "Gender and Banking: Are Women Better Loan Officers?," CEPR Discussion Papers, C.E.P.R. Discussion Papers 7409, C.E.P.R. Discussion Papers.
  2. Stéphane Robin & Katerina Straznicka & Marie-Claire Villeval, 2012. "Bubbles and Incentives : An Experiment on Asset Markets," Working Papers, HAL halshs-00768434, HAL.
  3. Rigdon, Mary, 2009. "Trust and reciprocity in incentive contracting," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 70(1-2), pages 93-105, May.
  4. Jungmin Lee & Cary Deck & Javier Reyes & Chris Rosen, 2008. "Measuring Risk Attitudes Controlling for Personality Traits," Working Papers, Florida International University, Department of Economics 0801, Florida International University, Department of Economics.
  5. Lucy Ackert & Ann Gillette & Jorge Martinez-Vazquez & Mark Rider, 2011. "Are benevolent dictators altruistic in groups? A within-subject design," Experimental Economics, Springer, Springer, vol. 14(3), pages 307-321, September.
  6. Lucy F. Ackert & Ann B. Gillette & Jorge Martinez-Vazquez & Mark Rider, 2009. "Risk Tolerance, Self-Interest, and Social Preferences," Experimental Economics Center Working Paper Series, Experimental Economics Center, Andrew Young School of Policy Studies, Georgia State University 2009-04, Experimental Economics Center, Andrew Young School of Policy Studies, Georgia State University, revised Feb 2011.
  7. Jose Apesteguia & Ghazala Azmat & Nagore Iriberri, 2010. "The impact of gender composition on team performance and decision-making: Evidence from the field," Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra 1225, Department of Economics and Business, Universitat Pompeu Fabra.
  8. Deck, Cary & Lee, Jungmin & Reyes, Javier A. & Rosen, Christopher C., 2013. "A failed attempt to explain within subject variation in risk taking behavior using domain specific risk attitudes," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 87(C), pages 1-24.
  9. Kanagaretnam, Kiridaran & Mestelman, Stuart & Nainar, Khalid & Shehata, Mohamed, 2009. "The impact of social value orientation and risk attitudes on trust and reciprocity," Journal of Economic Psychology, Elsevier, Elsevier, vol. 30(3), pages 368-380, June.
  10. Powell, O.R., 2010. "Essays on experimental bubble markets," Open Access publications from Tilburg University, Tilburg University urn:nbn:nl:ui:12-4219264, Tilburg University.
  11. Hopfensitz, Astrid, 2009. "Previous outcomes and reference dependence: A meta study of repeated investment tasks with and without restricted feedback," MPRA Paper 16096, University Library of Munich, Germany.
  12. Wozniak, David, 2009. "Choices About Competition: Differences by gender and hormonal fluctuations, and the role of relative performance feedback," MPRA Paper 21097, University Library of Munich, Germany.
  13. W. Viscusi & Owen Phillips & Stephan Kroll, 2011. "Risky investment decisions: How are individuals influenced by their groups?," Journal of Risk and Uncertainty, Springer, Springer, vol. 43(2), pages 81-106, October.
  14. Booij, Adam S. & van Praag, Bernard M.S., 2009. "A simultaneous approach to the estimation of risk aversion and the subjective time discount rate," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 70(1-2), pages 374-388, May.
  15. Hopfensitz, Astrid, 2009. "Previous Outcomes and Reference Dependence: A Meta Study of Repeated Investment Tasks with Restricted Feedback," TSE Working Papers, Toulouse School of Economics (TSE) 09-087, Toulouse School of Economics (TSE).
  16. Charness, Gary & Rustichini, Aldo, 2011. "Gender differences in cooperation with group membership," Games and Economic Behavior, Elsevier, Elsevier, vol. 72(1), pages 77-85, May.

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