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Weather and Financial Risk-Taking: Is Happiness the Channel?

  • Cahit Guven

Weather variables, and sunshine in particular, are found to be strongly correlated with financial variables. I consider self-reported happiness as a channel through which sunshine affects financial variables. I examine the influence of happiness on risk-taking behavior by instrumenting individual happiness with regional sunshine, and I find that happy people appear to be more risk-averse in financial decisions, and accordingly choose safer investments. Happy people take more time for making decisions and have more self-control. Happy people also expect to live longer and accordingly seem more concerned about the future than the present, and expect less inflation.

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File URL: http://www.diw.de/documents/publikationen/73/diw_01.c.338505.de/diw_sp0218.pdf
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Paper provided by DIW Berlin, The German Socio-Economic Panel (SOEP) in its series SOEPpapers on Multidisciplinary Panel Data Research with number 218.

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Length: 58 p.
Date of creation: 2009
Date of revision:
Handle: RePEc:diw:diwsop:diw_sp218
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