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Risk attitude and wage growth: replicating Shaw (1996)

  • Santi Budria

    ()

  • Luis Diaz-Serrano

    ()

  • Ada Ferrer-i-Carbonell

    ()

  • Joop Hartog

    ()

We replicate Shaw (J Labor Econ 14(4):626–653, 1996 ) who found that individual wage growth is higher for individuals with greater preference for risk taking. Expanding her dataset with more American observations and data for Germany, Spain, and Italy, we find evidence that risk attitudes are relevant but support is mixed at best for the original specifications. Copyright The Author(s) 2013

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File URL: http://hdl.handle.net/10.1007/s00181-012-0549-5
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Article provided by Springer in its journal Empirical Economics.

Volume (Year): 44 (2013)
Issue (Month): 2 (April)
Pages: 981-1004

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Handle: RePEc:spr:empeco:v:44:y:2013:i:2:p:981-1004
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  1. Bonin, Holger & Dohmen, Thomas J. & Falk, Armin & Huffman, David & Sunde, Uwe, 2007. "Cross-sectional earnings risk and occupational sorting: The role of risk attitudes," Munich Reprints in Economics 20204, University of Munich, Department of Economics.
  2. Luis Diaz-Serrano, 2005. "On the Negative Relationship between Labor Income Uncertainty and Homeownership: Risk Aversion vs. Credit Constraints," Economics, Finance and Accounting Department Working Paper Series n1460105, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth.
  3. José Ignacio García Pérez & Yolanda Rebollo Sanz, 2004. "Wage changes through job mobility in Europe: A multinomial endogenous switching approach," Economic Working Papers at Centro de Estudios Andaluces E2004/70, Centro de Estudios Andaluces.
  4. Hryshko, Dmytro & Luengo-Prado, Maria Jose & Sørensen, Bent E, 2010. "Childhood Determinants of Risk Aversion: The Long Shadow of Compulsory Education," CEPR Discussion Papers 7999, C.E.P.R. Discussion Papers.
  5. Daniel S. Hamermesh, 2007. "Viewpoint: Replication in economics," Canadian Journal of Economics, Canadian Economics Association, vol. 40(3), pages 715-733, August.
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  7. Belzil, Christian & Leonardi, Marco, 2007. "Can risk aversion explain schooling attainments? Evidence from Italy," Labour Economics, Elsevier, vol. 14(6), pages 957-970, December.
  8. Dohmen Thomas & Falk Armin & Huffman David & Sunde Uwe & Schupp Jürgen & Wagner Gert, 2009. "Individual Risk Attitudes: Measurement, Determinants and Behavioral Consequences," ROA Research Memorandum 007, Maastricht University, Research Centre for Education and the Labour Market (ROA).
  9. Kennickell, Arthur B & Starr-McCluer, Martha, 1997. "Household Saving and Portfolio Change: Evidence from the 1983-89 SCF Panel," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 43(4), pages 381-99, December.
  10. 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.
  11. White, Halbert & Domowitz, Ian, 1984. "Nonlinear Regression with Dependent Observations," Econometrica, Econometric Society, vol. 52(1), pages 143-61, January.
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  13. Warneryd, Karl-Erik, 1996. "Risk attitudes and risky behavior," Journal of Economic Psychology, Elsevier, vol. 17(6), pages 749-770, December.
  14. Hartog, Joop & Ferrer-i-Carbonell, Ada & Jonker, Nicole, 2002. "Linking Measured Risk Aversion to Individual Characteristics," Kyklos, Wiley Blackwell, vol. 55(1), pages 3-26.
  15. Hamermesh, Daniel S., 2007. "Replication in Economics," IZA Discussion Papers 2760, Institute for the Study of Labor (IZA).
  16. Sarah Brown & Karl Taylor, 2005. "Wage Growth, Human Capital And Financial Investment," Manchester School, University of Manchester, vol. 73(6), pages 686-708, December.
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