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Cited by 185

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The Role of Risk Aversion in Predicting Individual Behavior

Guiso, Luigi, Paiella, Monica·2006·Competitive Failures in Insurance Markets
DOI 10.7551/mitpress/1986.003.0016
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Abstract

We use household survey data to construct a direct measure of absolute risk aversion based on the maximum price a consumer is willing to pay to buy a risky asset. We relate this measure to a set of consumers� decisions that in theory should vary with attitude towards risk. We find that elicited risk aversion has considerable predictive power for a number of key household decisions such as choice of occupation, portfolio selection, moving decisions and exposure to chronic diseases in ways consistent with theory. We also use this indicator to address the importance of self-selection when relating indicators of risk to individual saving decisions.

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Metadata

Authors
Guiso, L., & Paiella, M.
Venue
Competitive Failures in Insurance Markets
Publisher
The MIT Press
Published
2006-06-16
Pages
213-250
DOI
10.7551/mitpress/1986.003.0016
OpenAlex
W4252505748
Cited by
185
References
0
FWCI
47.27
Type
book chapter
Language
en
Open access
closed

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CoChat. (2026). Citation check: The Role of Risk Aversion in Predicting Individual Behavior. https://app.cochat.ai/papers/10.7551/mitpress/1986.003.0016
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Guiso, L., & Paiella, M. (2006). The Role of Risk Aversion in Predicting Individual Behavior. Competitive Failures in Insurance Markets. https://doi.org/10.7551/mitpress/1986.003.0016

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