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Becoming sensitive: Males’ risk and time preferences after the 2008 financial crisis

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  • Jetter, Michael
  • Magnusson, Leandro M.
  • Roth, Sebastian

Abstract

This paper presents evidence suggesting men’s (but not women’s) risk and time preferences have systematically become sensitive to local economic conditions since the global financial crisis (GFC) of 2008. Studying longitudinal, nationally representative data for 22,579 Australian-based respondents in up to 11 survey waves from 2002 to 2015, men respond with increased risk aversion and impatience to a rise in their region’s unemployment rate – but only since 2008. We find no such relationship for women or before the crisis. This conclusion persists when accounting for (i) fixed effects on the individual, regional, and time level, (ii) demographics, (iii) national economic conditions, as well as (iv) the respondent’s employment situation, income, and wealth. Results prevail when employing an instrumental variable approach based on initial industry shares in the respondent’s region. Exploring one potential mechanism, higher regional unemployment rates are also linked to men (but not women) being more unhappy since 2008. This ‘happiness channel’, however, can only partially explain the link between the local unemployment rate and risk preferences.

Suggested Citation

  • Jetter, Michael & Magnusson, Leandro M. & Roth, Sebastian, 2020. "Becoming sensitive: Males’ risk and time preferences after the 2008 financial crisis," European Economic Review, Elsevier, vol. 128(C).
  • Handle: RePEc:eee:eecrev:v:128:y:2020:i:c:s0014292120301434
    DOI: 10.1016/j.euroecorev.2020.103512
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    More about this item

    Keywords

    Risk preferences; Time preferences; Gender differences; Financial crisis;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination

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