L’analisi dell’attitudine al rischio tra i membri della famiglia

The Analysis of Risk Attitude Amongst Family Members

Abstract

The determinants of risk attitude amongst family members are explored using data from the German Socio-Economic Panel over the period 2004 to 2009. The focus of the analysis is the repeated responses to the survey question about general willingness to take risk. Responses to this question are provided on a 0-10 Likert scale. We respect both the ordinality and the panel structure of the data by estimating the random effects ordered probit model. We divide household members into three types: heads, spouses and offspring. We find that spouses are the most risk averse, and offspring the least risk averse. In view of these findings, we estimate the model separately for the three groups. In the offspring equation, we find that both both the head’s and the spouse’s risk attitude have a significantly positive effect on the offspring’s risk-attitude.

JEL codes: C23; D81

Keywords: Panel Data; Risk Attitude