Does financial literacy alleviate risk attitude and risk behavior inconsistency?

被引：53

作者：

Korkmaz, Aslihan Gizem ^{[1
]}

Yin, Zhichao ^{[2
]}

Yue, Pengpeng ^{[3
]}

Zhou, Haigang ^{[4
]}

机构：

[1] Dominican Univ Calif, San Rafael, CA 94901 USA

[2] Capital Univ Econ & Business, Beijing 100070, Peoples R China

[3] Beijing Technol & Business Univ, Beijing 100048, Peoples R China

[4] Cleveland State Univ, Cleveland, OH 44115 USA

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2021年 / 74卷

关键词：

Financial literacy; Risk preference; Risk behavior; Risk propensity; Inconsistency; MARKET PARTICIPATION; DETERMINANTS; EDUCATION;

D O I：

10.1016/j.iref.2021.03.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates the relationship between risk preference and risk behavior using the China Household Finance Survey (CHFS). Empirical results suggest the existence of an inconsistency between risk preference and risk behavior; however, financial literacy affects this inconsistency. Financial literacy works through two channels. First, it can decrease the inconsistency between risk propensity and risk behavior. Second, it can encourage risk-taking behavior. The results also show that the heterogeneity in the risk sensitivity of households leads to different outcomes. Namely, financial literacy increases the inconsistency for the risk-averse and decreases it for the risk-seeking by increasing risk-taking behavior.

引用

页码：293 / 310

页数：18

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