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Genetic Variation in Preferences for Giving and Risk Taking

Author

Listed:
  • David Cesarini
  • Christopher T. Dawes
  • Magnus Johannesson
  • Paul Lichtenstein
  • Björn Wallace

Abstract

In this paper, we use the classical twin design to provide estimates of genetic and environmental influences on experimentally elicited preferences for risk and giving. Using standard methods from behavior genetics, we find strong prima facie evidence that these preferences are broadly heritable and our estimates suggest that genetic differences explain approximately twenty percent of individual variation. The results thus shed light on an important source of individual variation in preferences, a source that has hitherto been largely neglected in the economics literature.

Suggested Citation

  • David Cesarini & Christopher T. Dawes & Magnus Johannesson & Paul Lichtenstein & Björn Wallace, 2009. "Genetic Variation in Preferences for Giving and Risk Taking," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 124(2), pages 809-842.
    • Handle: RePEc:oup:qjecon:v:124:y:2009:i:2:p:809-842.
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    File URL: http://hdl.handle.net/10.1162/qjec.2009.124.2.809
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    JEL classification:

    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers

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