Stability of Preference against Aging and Health Shocks: A comparison between Japan and the United States
This study explores stability of preference against aging and health shocks. Contrary to a vast amount of literature assuming that risk attitude is unchanged over time, we utilize JSTAR (Japanese Study of Aging and Retirement), which provides longitudinal data on the middle aged and elderly comparable with the Health and Retirement Study (HRS)/English Longitudinal Study of Ageing (ELSA)/Survey of Health, Ageing and Retirement in Europe (SHARE), to examine how aging and past health experiences systematically affect risk attitude. We find that while there is empirical evidence that aging gradually causes individuals to be more risk averse, health shocks do not seem to affect risk preference systematically.
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| Length: | 45 pages |
| Date of creation: | Aug 2013 |
| Date of revision: | |
| Handle: | RePEc:eti:dpaper:13068 |
| Contact details of provider: | Postal: Phone: +81-3-3501-1363 Fax: +81-3-3501-8577 Web page: http://www.rieti.go.jp/Email: More information through EDIRC
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References listed on IDEAS
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- Moreira, Bruno & Matsushita, Raul & Da Silva, Sergio, 2008.
"Risk-seeking behavior of preschool children in a gambling task,"
MPRA Paper
15516, University Library of Munich, Germany.
- Moreira, Bruno & Matsushita, Raul & Da Silva, Sergio, 2010. "Risk seeking behavior of preschool children in a gambling task," Journal of Economic Psychology, Elsevier, vol. 31(5), pages 794-801, October.
- Kohei Kubota & Mototsugu Fukushige, 2009.
"Rational consumers,"
Discussion Papers in Economics and Business
09-15, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).
- Kohei Kubota & Mototsugu Fukushige, 2009. "Rational Consumers," Discussion Papers in Economics and Business 09-15-Rev, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP), revised Jun 2011.
- Louise Sheiner & David N. Weil, 1992. "The Housing Wealth of the Aged," NBER Working Papers 4115, National Bureau of Economic Research, Inc.
- Becker, Gary S & Mulligan, Casey B, 1997. "The Endogenous Determination of Time Preference," The Quarterly Journal of Economics, MIT Press, vol. 112(3), pages 729-58, August.
- Gabriel Picone & Frank Sloan & Donald Taylor, 2004. "Effects of Risk and Time Preference and Expected Longevity on Demand for Medical Tests," Journal of Risk and Uncertainty, Springer, vol. 28(1), pages 39-53, January.
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