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Natural disaster and risk preferences: evidence from Sri Lankan twins

Author

Listed:
  • Nathan Kettlewell
  • Fruhling Rijsdijk
  • Sisira Siribaddana
  • Athula Sumathipala
  • Agnieszka Tymula
  • Helena Zavos
  • Nicholas Glozier

Abstract

We estimate whether risk preferences are affected by traumatic events by using a unique survey of Sri Lankan twins which contains information on individual’s exposure to the 2004 Indian Ocean Tsunami, validated measures of mental health and risk preferences, and a rich set of control variables. Our estimation strategy utilizes variation in experiences within twin pairs and allows us to explore wealth shocks and/or changes in mental health as mechanisms. We find that exposure to the tsunami lead to less risk aversion, a result that is not explained by mental health.

Suggested Citation

  • Nathan Kettlewell & Fruhling Rijsdijk & Sisira Siribaddana & Athula Sumathipala & Agnieszka Tymula & Helena Zavos & Nicholas Glozier, 2024. "Natural disaster and risk preferences: evidence from Sri Lankan twins," Applied Economics, Taylor & Francis Journals, vol. 56(5), pages 558-581, January.
    • Handle: RePEc:taf:applec:v:56:y:2024:i:5:p:558-581
    DOI: 10.1080/00036846.2023.2168616
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