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Risk Attitudes as an Independent Predictor of Debt

  • Michael Daly

    (UCD Geary Institute,University College Dublin and School of Psychology,Trinity College Dublin)

  • Liam Delaney

    (UCD Geary Institute,School of Economics and School of Public Health & Population Science,University College Dublin)

  • Séamus McManus

    (UCD Geary Institute,University College Dublin and School of Business & Economics,Maastricht University)

This paper examines how attitudes to risk relate to other psychological constructs of personality and consideration of future consequences (a proxy for time preferences) and how risk attitudes relate to credit behaviour and debt holdings. There is a small correlation between risk attitudes and consideration of future consequences. As regards personality, risk attitudes are most positively related to extraversion and openness to experience and are negatively related to neuroticism. Risk willingness is a robust predictor of debt holdings even controlling for demographics, personality, consideration of future consequences and other covariates.

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File URL: http://www.ucd.ie/geary/static/publications/workingpapers/gearywp201049.pdf
File Function: First version, 2010
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Paper provided by Geary Institute, University College Dublin in its series Working Papers with number 201049.

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Length: 24 pages
Date of creation: 28 Oct 2010
Date of revision:
Handle: RePEc:ucd:wpaper:201049
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  1. repec:feb:framed:0019 is not listed on IDEAS
  2. Dohmen, Thomas & Falk, Armin & Huffman, David B. & Sunde, Uwe & Schupp, Jürgen & Wagner, Gert G., 2005. "Individual Risk Attitudes: New Evidence from a Large, Representative, Experimentally-Validated Survey," IZA Discussion Papers 1730, Institute for the Study of Labor (IZA).
  3. Dohmen, Thomas J. & Falk, Armin & Huffman, David & Sunde, Uwe & Schupp, Jürgen & Wagner, Gert G., 2009. "Individual risk attitudes: Measurement, determinants and behavioral consequences," Munich Reprints in Economics 20049, University of Munich, Department of Economics.
  4. Luigi Guiso & Monica Paiella, 2005. "The Role Of Risk Aversion In Predicting Individual Behavior," Temi di discussione (Economic working papers) 546, Bank of Italy, Economic Research and International Relations Area.
  5. David A. Jaeger & Holger Bonin & Thomas Dohmen & Armin Falk & David Huffman & Uwe Sunde, 2007. "Direct Evidence on Risk Attitudes and Migration," Working Papers 50, Department of Economics, College of William and Mary.
  6. Cary Deck & Jungmin Lee & Javier Reyes, 2008. "Risk attitudes in large stake gambles: evidence from a game show," Applied Economics, Taylor & Francis Journals, vol. 40(1), pages 41-52.
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