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An Empirical Note on the Relationship between Unemployment and Risk-Aversion

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Author Info

  • Luis Diaz-Serrano

    (National University of Ireland Maynooth, Department of Economics)

  • Donal O'Neill

    (National University of Ireland Maynooth, Department of Economics)

Abstract

In this paper we use a direct measure of individual risk-aversion to examine the relationship between risk-aversion and unemployment. Contrary to what the simple search model predicts, we observe that more risk-averse individuals are more likely to be unemployed. We present extensions of the search model that can reconcile the theory with the relationships observed in the data.

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Bibliographic Info

Paper provided by Department of Economics, Finance and Accounting, National University of Ireland - Maynooth in its series Economics, Finance and Accounting Department Working Paper Series with number n1360804.

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Date of creation: Aug 2004
Date of revision:
Handle: RePEc:may:mayecw:n1360804

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Postal: Maynooth, Co. Kildare
Phone: 353-1-7083728
Fax: 353-1-7083934
Web page: http://economics.nuim.ie
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Keywords: Unemployment; job-search; risk-aversion;

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References

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  1. Luigi Guiso & Monica Paiella, 2003. "Risk Aversion, Wealth and Background Risk," Temi di discussione (Economic working papers) 483, Bank of Italy, Economic Research and International Relations Area.
  2. Shaw, Kathryn L, 1996. "An Empirical Analysis of Risk Aversion and Income Growth," Journal of Labor Economics, University of Chicago Press, vol. 14(4), pages 626-53, October.
  3. Feinberg, Robert M, 1977. "Risk Aversion, Risk, and the Duration of Unemployment," The Review of Economics and Statistics, MIT Press, vol. 59(3), pages 264-71, August.
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Cited by:
  1. Foreman-Peck, James & Moore, Simon, 2009. "Gratuitous Violence and the Rational Offender Model," Cardiff Economics Working Papers E2009/12, Cardiff University, Cardiff Business School, Economics Section.
  2. Jaime Ruiz-Tagle V. & Pablo Tapia G., 2012. "Brechas por Género en Aversión al Riesgo," Working Papers wp373, University of Chile, Department of Economics.

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