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Temporal Instability of Risk Preference Among the Poor

其他書名	Evidence from Payday Cycles
出版	National Bureau of Economic Research, 2021
URL	http://books.google.com.hk/books?id=S7F50AEACAAJ&hl=&source=gbs_api

註釋The poor live paycheck to paycheck and are repeatedly exposed to strong cyclical income fluctuations. We investigate whether such income fluctuations affect risk preference among the poor. 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 US, we find that risk preference among the poor relying heavily on Social Security changes around payday. Rather than cognitive decline before payday, the deterioration of mental health and relative deprivation may play a role. We find similar evidence among the Japanese elderly.