Temporal Instability of Risk Preference among the Poor: Evidence from Payday Cycles
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- Mika Akesaka
- Research Institute for Economics and Business Administration, Kobe University (email: )
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- Peter Eibich
- Max Planck Institute for Demographic Research (email: )
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- Chie Hanaoka
- Faculty of Economics, Toyo University (email: )
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- Hitoshi Shigeoka
- Department of Economics, Simon Fraser University, Graduate School of Public Policy, University of Tokyo, IZA, and NBER (email: )
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説明
<jats:p> The poor live paycheck to paycheck and are repeatedly exposed to strong cyclical income fluctuations. We investigate whether such income fluctuations affect their risk preference. If risk preference temporarily changes around payday, optimal decisions made before payday may no longer be optimal afterward, which could reinforce poverty. By exploiting social security payday cycles in the United States, we find that the poor relying heavily on social security become more risk tolerant before payday. More than cognitive decline before payday, the deterioration of mental health and relative deprivation are likely to play a role. We find similar evidence among the Japanese elderly. (JEL D81, D91, G51, I12, I32, J14, J31) </jats:p>
収録刊行物
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- American Economic Journal: Applied Economics
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American Economic Journal: Applied Economics 15 (4), 68-99, 2023-10-01
American Economic Association
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キーワード
- Economics of the Handicapped
- J.J3.J31
- Life Cycle Models and Saving
- poverty
- JEL: J - Labor and Demographic Economics/J.J3 - Wages, Compensation, and Labor Costs/J.J3.J31 - Wage Level and Structure • Wage Differentials
- 331
- I.I1.I12
- Social Security
- Education
- JEL: I - Health, Education, and Welfare/I.I3 - Welfare, Well-Being, and Poverty/I.I3.I32 - Measurement and Analysis of Poverty
- D - Microeconomics::D9 - Intertemporal Choice::D91 - Intertemporal Household Choice
- Health and Retirement Survey
- D91
- JEL: J - Labor and Demographic Economics/J.J1 - Demographic Economics/J.J1.J14 - Economics of the Elderly • Economics of the Handicapped • Non-Labor Market Discrimination
- and Welfare::I1 - Health::I12 - Health Behavior
- and Welfare::I3 - Welfare
- I32
- J - Labor and Demographic Economics::J3 - Wages, Compensation, and Labor Costs::J31 - Wage Level and Structure; Wage Differentials
- Non-Labor Market Discrimination
- J - Labor and Demographic Economics::J1 - Demographic Economics::J14 - Economics of the Elderly
- D.D8.D81
- [QFIN]Quantitative Finance [q-fin]
- ddc:330
- Well-Being
- J.J1.J14
- JEL: D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty/D.D8.D81 - Criteria for Decision-Making under Risk and Uncertainty
- and Uncertainty::D81 - Criteria for Decision-Making under Risk and Uncertainty
- and Labor Costs::J31 - Wage Level and Structure
- JEL: D - Microeconomics/D.D9 - Intertemporal Choice/D.D9.D91 - Intertemporal Household Choice • Life Cycle Models and Saving
- I.I3.I32
- J - Labor and Demographic Economics::J3 - Wages
- Economie du travail
- risk preference
- JEL: I - Health, Education, and Welfare/I.I1 - Health/I.I1.I12 - Health Behavior
- D81
- Japanese Study of Aging and Retirement
- Knowledge
- and Poverty::I32 - Measurement and Analysis of Poverty
- D.D9.D91
- relative deprivation,elderly
- D - Microeconomics::D8 - Information
- Compensation
- Wage Differentials
- mental health
- I - Health
詳細情報 詳細情報について
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- CRID
- 1360021390748920192
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- ISSN
- 19457790
- 15565068
- 19457782
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- HANDLE
- 10419/234944
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- 資料種別
- journal article
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- データソース種別
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- Crossref
- KAKEN
- OpenAIRE
