Risk-taking Attitude of Retired Seniors: Age versus Cohort Effects

• 영문명: Risk-taking Attitude of Retired Seniors: Age versus Cohort Effects
• 발행기관: 서울대학교 경제연구소
• 저자명: 최동범(Dong Beom Choi) 최현수(Hyun-Soo Choi)
• 간행물 정보: 『경제논집』62권 2호, 71~89쪽, 전체 19쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2023.12.31

영문 초록

The rapid aging of Korean society poses a significant challenge, necessitating attention due to its potential economic repercussions. This paper investigates the interplay between age, cohort, and risk-taking attitudes, utilizing data from the Survey of Consumer Finance (SCF) issued by the Federal Reserve spanning the period from 1992 to 2019. Our analysis reveals a negative relationship between age and risk-taking tendencies, which aligns with the life-cycle hypothesis. As individuals age, their propensity for risk-taking diminishes. However, when examining cohort effects, we find a notable shift in the association between individual experiences and risk-taking behavior, particularly in light of the Global Financial Crisis. Before the crisis, individual experiences wielded a significant influence on risk-taking behavior, while this association significantly weakened in the aftermath of the crisis.

목차

1. Introduction

2. Data

3. Empirical Results

4. Conclusion

References

키워드

risk preference risk attitude portfolio choice age effect cohort effect