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Is Financial Risk-Taking Behavior Genetically Transmitted?

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Author Info

  • Cesarini, David

    ()
    (Research Institute of Industrial Economics (IFN))

  • Johannesson, Magnus

    ()
    (Stockholm School of Economics)

  • Lichtenstein, Paul

    (Karolinska Institutet)

  • Sandewall, Örjan

    ()
    (Research Institute of Industrial Economics (IFN))

  • Wallace, Björn

    ()
    (Stockholm School of Economics)

Abstract

In this paper, we use a sample of almost 30,000 Swedish mono- and dizygotic twins to study the heritability of financial risk-taking. Following a major pension reform in the year 2000, virtually all Swedish adults had to simultaneously make a financial decision affecting post-retirement wealth. We take this event as a field experiment to infer risk preferences. We use standard techniques from behavior genetics to partition variation in risk-taking into environmental and genetic components. Our findings suggest that genetic variation is an important source of individual heterogeneity in financial risk-taking.

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Bibliographic Info

Paper provided by Research Institute of Industrial Economics in its series Working Paper Series with number 765.

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Length: 40 pages
Date of creation: 23 Sep 2008
Date of revision:
Handle: RePEc:hhs:iuiwop:0765

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Postal: Research Institute of Industrial Economics, Box 55665, SE-102 15 Stockholm, Sweden
Phone: +46 8 665 4500
Fax: +46 8 665 4599
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Web page: http://www.ifn.se/
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Related research

Keywords: Genetics; Risk-Taking; Portfolio Investment; Twins;

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Cited by:
  1. Da Silva, Sergio & Baldo, Dinora & Matsushita, Raul, 2011. "Biological correlates of the Allais paradox - updated," MPRA Paper 32747, University Library of Munich, Germany.
  2. Nathan Nunn & Leonard Wantchekon, 2011. "The Slave Trade and the Origins of Mistrust in Africa," American Economic Review, American Economic Association, vol. 101(7), pages 3221-52, December.
  3. Hübler, Olaf, 2012. "Are Tall People Less Risk Averse than Others?," IZA Discussion Papers 6441, Institute for the Study of Labor (IZA).

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