Risk Aversion at the Country Level
Nestor Gandelman and
Ruben Hernandez-Murillo
Review, 2015, vol. 97, issue 1, 53-66
Abstract:
This article estimates the coefficient of relative risk aversion for 75 countries using data on self-reports of personal well-being from the 2006 Gallup World Poll. The analysis suggests that the coefficient of relative risk aversion varies closely around 1, which corresponds to a logarithmic utility function. The authors conclude that their results support the use of the log utility function in numerical simulations of economic models.
JEL-codes: D31 D80 I31 O57 (search for similar items in EconPapers)
Date: 2015
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