Effects of Health and Longevity on Financial Risk Tolerance

被引：10

作者：

Hammitt, James K. ^{[1
,2
]}

Haninger, Kevin ^{[3
]}

Treich, Nicolas ^{[2
]}

机构：

[1] Harvard Univ, Ctr Risk Anal, Boston, MA 02115 USA

[2] Toulouse Sch Econ, LERNA, INRA, F-31042 Toulouse, France

[3] US EPA, Washington, DC 20460 USA

来源：

GENEVA RISK AND INSURANCE REVIEW | 2009年 / 34卷 / 02期

关键词：

risk tolerance; health; longevity; life-cycle model; consumption; stated preference; CHOICE CONTINGENT VALUATION; COST-EFFECTIVENESS ANALYSIS; SELF-RATED HEALTH; UTILITY-FUNCTIONS; PORTFOLIO CHOICE; CONSUMPTION; LIFE; AVERSION; MULTIATTRIBUTE; CONSTRAINTS;

D O I：

10.1057/grir.2009.6

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate the effects of health and life expectancy on tolerance of financial risk. Using a standard life-cycle model, we find that the effects of health and life expectancy on preferences over lifetime-income risk are theoretically ambiguous. However, risk tolerance is independent of health and life expectancy when utility takes one of the standard (harmonic absolute risk aversion) functional forms or when optimal consumption is constant over time. Our empirical results, using data from a stated-preference survey (n=2,795), suggest that financial risk tolerance is positively associated with both health and life expectancy; hence utility is not consistent with standard functional forms. The Geneva Risk and Insurance Review (2009) 34, 117-139. doi: 10.1057/grir.2009.6

引用

页码：117 / 139

页数：23

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