Portfolio Choices and Risk Preferences in Village Economies

Creator

• Chiappori, Pierre-André
• Samphantharak, Krislert
• Schulhofer-Wohl, Sam
• Townsend, Robert M.

Series

• Working paper (Federal Reserve Bank of Minneapolis. Research Department)

Issue number

• 706

Date Created

• 2013-06-03

Abstract

• We use a model of optimal portfolio choice to measure heterogeneity in risk aversion among households in Thai villages. There is substantial heterogeneity in risk preferences, positively correlated in most villages with alternative estimates based on a full risk-sharing model.

Subject (JEL)

• D14 - Household Saving; Personal Finance
• D91 - Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
• D12 - Consumer Economics: Empirical Analysis
• O16 - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
• D81 - Criteria for Decision-Making under Risk and Uncertainty
• G11 - Portfolio Choice; Investment Decisions
• D53 - General Equilibrium and Disequilibrium: Financial Markets

Keyword

• Heterogeneity
• Risk preferences
• Portfolio choice

Date Modified

• 11/01/2019

Corporate Author

• Federal Reserve Bank of Minneapolis. Research Department

Publisher

• Federal Reserve Bank of Minneapolis

Resource type

• Research Paper

DOI

•  https://doi.org/10.21034/wp.706

License

• Creative Commons BY-NC Attribution-NonCommercial 4.0 International

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• Working Papers

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