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Risk-taking Attitude of Retired Seniors: Age versus Cohort Effects
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- Authors
- Issue Date
- 2023-12
- Publisher
- 서울대학교 경제연구소
- Citation
- 경제논집, Vol.62 No.2, pp.71-89
- Keywords
- risk preference ; risk attitude ; portfolio choice ; age effect ; cohort effect
- Abstract
- 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.
- ISSN
- 1738-1150
- Language
- English
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