Subjective Measures of Risk Aversion and Portfolio Choice

摘要: The paper investigates risk attitudes among different types of individuals. authors use several measures attitudes, including questions on choices between uncertain income streams suggested by Barsky et al. (1997) and a number ad hoc measures. As in Arrondel (2002), the first analyse individual variation aversion explain them background characteristics (both "objective" other subjective preference). Next, incorporate measured into household partfolio allocation model, which explains portfolio shares, while accounting for incomplete portfolios. results show that measure has little explanatory power, whereas do considerably better job. provide discussion reasons this finding.