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> 한국경제학회 > The Korean Economic Review > 28권 2호

Estimating Risk Aversion Using Individual-Level Survey Data

Estimating Risk Aversion Using Individual-Level Survey Data

( Young Il Kim ) , ( Jung Min Lee )

- 발행기관 : 한국경제학회

- 발행년도 : 2012

- 간행물 : The Korean Economic Review, 28권 2호

- 페이지 : pp.221-239 ( 총 19 페이지 )


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초록(외국어)
Attitude towards risk can be an important factor in explaining various economic decisions, such as the choice of self-employment. As a first step towards understanding the prevalence of self-employment in South Korea, we structurally estimate risk aversion parameters based on the standard expected utility theory. We use hypothetical lottery questions from a large-scale longitudinal survey (the Korean Labor and Income Panel Study) conducted in two waves to a sample of approximately 8,000 individuals. The estimation results show that the constant relative risk aversion parameter ranges from 0.6 to 0.8: male, younger, less educated, unmarried and higher income individuals are less risk averse. Erroneous responses are more likely for male, younger, more educated and poorer respondents. We also find significant impact of responses to the hypothetical questions on self-employment, which suggests that our estimates for risk preferences are likely predictive of actual choice of self-employment.

논문정보
  • - 주제 : 사회과학분야 > 경제학
  • - 발행기관 : 한국경제학회
  • - 간행물 : The Korean Economic Review, 28권 2호
  • - 발행년도 : 2012
  • - 페이지 : pp.221-239 ( 총 19 페이지 )
  • - ECN :
  • - UCI : I410-ECN-0102-2013-320-002017610
저널정보
  • - 주제 : 사회과학분야 > 경제학
  • - 성격 : 학술지
  • - 간기 : 반년간
  • - 국내 등재 : KCI 등재
  • - 해외 등재 : - / SSCI / SCOPUS
  • - ISSN : 0254-3737
  • - 수록범위 : 1985–2018
  • - 수록 논문수 : 590