Financial Risk-Taking Under Health Risk
We study how background health risk affects financial risk-taking. We elicit financial risk-taking behavior of a representative sample of more than 5,000 Germans in five panel waves during the COVID-19 pandemic. Exploiting variation in local infections across time and space, we find that an increase in infections affecting background health risk translates into higher levels of self-reported fear and decreases financial investments in a risky asset. Once vaccines become available as a self-insurance device, the tempering effect on investments ceases. Our results provide evidence that non-financial background risks affect financial risk-taking, and for the alleviating effect of self-insurance devices.
| Medienart: |
E-Book |
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| Erscheinungsjahr: |
[2023] |
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| Erschienen: |
S.l.: SSRN ; 2023 |
| Reihe: |
CESifo Working Paper - No. 10387 |
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| Sprache: |
Englisch |
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| Beteiligte Personen: |
Bos, Björn [VerfasserIn] |
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| Links: |
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| Anmerkungen: |
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments 2023 erstellt |
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| Umfang: |
1 Online-Ressource (58 p) |
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| doi: |
10.2139/ssrn.4431378 |
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| funding: |
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| Förderinstitution / Projekttitel: |
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1860016510 |
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| 520 | |a We study how background health risk affects financial risk-taking. We elicit financial risk-taking behavior of a representative sample of more than 5,000 Germans in five panel waves during the COVID-19 pandemic. Exploiting variation in local infections across time and space, we find that an increase in infections affecting background health risk translates into higher levels of self-reported fear and decreases financial investments in a risky asset. Once vaccines become available as a self-insurance device, the tempering effect on investments ceases. Our results provide evidence that non-financial background risks affect financial risk-taking, and for the alleviating effect of self-insurance devices | ||
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