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Stability of Preference against Aging and Health Shocks: A comparison between Japan and the United States

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  • HASHIMOTO Hideki
  • ICHIMURA Hidehiko
  • SHIMIZUTANI Satoshi

Abstract

This study explores stability of preference against aging and health shocks. Contrary to a vast amount of literature assuming that risk attitude is unchanged over time, we utilize JSTAR (Japanese Study of Aging and Retirement), which provides longitudinal data on the middle aged and elderly comparable with the Health and Retirement Study (HRS)/English Longitudinal Study of Ageing (ELSA)/Survey of Health, Ageing and Retirement in Europe (SHARE), to examine how aging and past health experiences systematically affect risk attitude. We find that while there is empirical evidence that aging gradually causes individuals to be more risk averse, health shocks do not seem to affect risk preference systematically.

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Bibliographic Info

Paper provided by Research Institute of Economy, Trade and Industry (RIETI) in its series Discussion papers with number 13068.

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Length: 45 pages
Date of creation: Aug 2013
Date of revision:
Handle: RePEc:eti:dpaper:13068

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  1. Moreira, Bruno & Matsushita, Raul & Da Silva, Sergio, 2010. "Risk seeking behavior of preschool children in a gambling task," Journal of Economic Psychology, Elsevier, vol. 31(5), pages 794-801, October.
  2. Kohei Kubota & Mototsugu Fukushige, 2009. "Rational consumers," Discussion Papers in Economics and Business 09-15, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).
  3. Gabriel Picone & Frank Sloan & Donald Taylor, 2004. "Effects of Risk and Time Preference and Expected Longevity on Demand for Medical Tests," Journal of Risk and Uncertainty, Springer, vol. 28(1), pages 39-53, January.
  4. Becker, Gary S & Mulligan, Casey B, 1997. "The Endogenous Determination of Time Preference," The Quarterly Journal of Economics, MIT Press, vol. 112(3), pages 729-58, August.
  5. Louise Sheiner & David N. Weil, 1992. "The Housing Wealth of the Aged," NBER Working Papers 4115, National Bureau of Economic Research, Inc.
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  1. #HEJC papers for September 2013
    by academichealtheconomists in The Academic Health Economists' Blog on 2013-08-31 23:01:38

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