Article2010

ESTIMATION AND IMPACT OF GENDER DIFFERENCES IN RISK TOLERANCE

117 citations0/0 files storedEconomic Inquiry

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Financial Literacy, Pension, Retirement Analysis Financial Markets and Investment Strategies Decision-Making and Behavioral Economics

Abstract

This paper provides numerical estimates of the distributions of risk tolerance for men and women. A simple model of individual portfolio choice is calibrated to data on Individual Retirement Accounts from the Health and Retirement Study to obtain the estimates. Results show that women tend to be less risk‐tolerant than men. The estimates are then used to measure the impact of risk tolerance on wealth accumulation. Simulations show that the difference in risk tolerance can account for around 10% of the gender difference in accumulated wealth. ( JEL J16, G11, D81)

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References

1969Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case 1997Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Study 1975LIFETIME PORTFOLIO SELECTION BY DYNAMIC STOCHASTIC PROGRAMMING 1998ARE WOMEN MORE RISK AVERSE?1969Lifetime Portfolio Selection By Dynamic Stochastic Programming 1998Gender Differences in the Allocation of Assets in Retirement Savings Plans 1999Financial Decision-Making: Are Women Really More Risk Averse?2005Individual Risk Attitudes: New Evidence from a Large, Representative, Experimentally-Validated Survey

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