Article2009

The genetics of economic risk preferences

Michael James Zyphur · Jayanth Narayanan · Richard D. Arvey · Gordon J. Alexander

87 citations0/0 files storedJournal of Behavioral Decision Making

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Decision-Making and Behavioral Economics Genetic Associations and Epidemiology Experimental Behavioral Economics Studies

Abstract

Abstract We examine the influence of genetics on economic risk preferences by administering a measure of these preferences to monozygotic (MZ) (i.e., identical) and dizygotic (DZ) (i.e., non‐identical) twin pairs. Our analysis supports a dominant genetic effect and virtually no additive genetic effect on economic risk preferences, with the heritability of preferences estimated at 0.63. These findings suggest that over half of the variation in such preferences can be explained by genetic factors, with the remainder of the variance explained by environmental influences not shared among sibling twins. We discuss the implications of our findings for the study of individual differences in economic risk preferences. Copyright © 2009 John Wiley & Sons, Ltd.

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References

1979Prospect Theory: An Analysis of Decision under Risk 1988Prospect theory: An analysis of decision under risk 1989Structural Equations with Latent Variables 1991Structural Equations with Latent Variables.1976Sociobiology: The New Synthesis.2001Risk as feelings.1959Portfolio Selection: Efficient Diversification of Investments 2001Boys will be Boys: Gender, Overconfidence, and Common Stock Investment

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