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Risk Attitudes as an Independent Predictor of Debt

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Author Info

  • Michael Daly

    (UCD Geary Institute,University College Dublin and School of Psychology,Trinity College Dublin)

  • Liam Delaney

    (UCD Geary Institute,School of Economics and School of Public Health & Population Science,University College Dublin)

  • Séamus McManus

    (UCD Geary Institute,University College Dublin and School of Business & Economics,Maastricht University)

Abstract

This paper examines how attitudes to risk relate to other psychological constructs of personality and consideration of future consequences (a proxy for time preferences) and how risk attitudes relate to credit behaviour and debt holdings. There is a small correlation between risk attitudes and consideration of future consequences. As regards personality, risk attitudes are most positively related to extraversion and openness to experience and are negatively related to neuroticism. Risk willingness is a robust predictor of debt holdings even controlling for demographics, personality, consideration of future consequences and other covariates.

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File URL: http://www.ucd.ie/geary/static/publications/workingpapers/gearywp201049.pdf
File Function: First version, 2010
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Bibliographic Info

Paper provided by Geary Institute, University College Dublin in its series Working Papers with number 201049.

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Length: 24 pages
Date of creation: 28 Oct 2010
Date of revision:
Handle: RePEc:ucd:wpaper:201049

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References

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  1. Borghans, Lex & Duckworth, Angela Lee & Heckman, James J. & Weel, Bas ter, 2008. "The economics and psychology of personality traits," Open Access publications from Maastricht University urn:nbn:nl:ui:27-22807, Maastricht University.
  2. Dohmen Thomas & Falk Armin & Huffman David & Sunde Uwe & Schupp Jürgen & Wagner Gert, 2009. "Individual Risk Attitudes: Measurement, Determinants and Behavioral Consequences," Research Memoranda 007, Maastricht : ROA, Research Centre for Education and the Labour Market.
  3. David A. Jaeger & Holger Bonin & Thomas Dohmen & Armin Falk & David Huffman & Uwe Sunde, 2007. "Direct Evidence on Risk Attitudes and Migration," CReAM Discussion Paper Series 0703, Centre for Research and Analysis of Migration (CReAM), Department of Economics, University College London.
  4. Cary Deck & Jungmin Lee & Javier Reyes, 2008. "Risk attitudes in large stake gambles: evidence from a game show," Applied Economics, Taylor and Francis Journals, vol. 40(1), pages 41-52.
  5. Dohmen, Thomas J & Falk, Armin & Huffman, David & Schupp, Jürgen & Sunde, Uwe & Wagner, Gert Georg, 2006. "Individual Risk Attitudes: New Evidence from a Large, Representative, Experimentally-Validated Survey," CEPR Discussion Papers 5517, C.E.P.R. Discussion Papers.
  6. Luigi Guiso & Monica Paiella, 2005. "The Role Of Risk Aversion In Predicting Individual Behavior," Temi di discussione (Economic working papers) 546, Bank of Italy, Economic Research and International Relations Area.
  7. repec:feb:framed:0019 is not listed on IDEAS
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Papers on Personality and Economics
    by Liam Delaney in Economics and Psychology Research on 2012-04-18 10:30:00
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Cited by:
  1. Liam Delaney & Colm Harmon & Martin Ryan, 2011. "The Role of Noncognitive Traits in Undergraduate Study Behaviours," Working Papers 201132, Geary Institute, University College Dublin.

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