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Weather and Financial Risk-Taking: Is Happiness the Channel?

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  • Cahit Guven

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Abstract

Weather variables, in particular sunshine, are found to be strongly correlated with financial variables. I consider self-reported happiness as a channel through which sunshine affects financial variables. I examine the influence of happiness on risk-taking behavior by instrumenting individual happiness with regional sunshine. I find that happy people appear to be more risk-averse in financial decisions and (accordingly) choose safer investments. Happy people take more time for making decisions and have more self-control. Happy people also expect a longer life and (accordingly) seem more concerned about the future than the present and expect less inflation.

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File URL: http://www.deakin.edu.au/buslaw/aef/workingpapers/papers/2009_6.pdf
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Bibliographic Info

Paper provided by Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance in its series Economics Series with number 2009_06.

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Length: 57
Date of creation: 16 May 2009
Date of revision:
Handle: RePEc:dkn:econwp:eco_2009_06

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Keywords: happiness; risk-taking; behavioral finance; weather.;

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