Survey measures of risk aversion and prudence

Joseph Eisenhauer and Luigi Ventura

Applied Economics, 2003, vol. 35, issue 13, 1477-1484

Abstract: This paper utilizes a thought experiment conducted by the Bank of Italy to estimate absolute and relative risk aversion along with absolute and relative prudence for a broad cross-section of Italian households. Upper and lower bounds are calculated for each parameter, and comparisons are made across socio-demographic groups. Evidence is found of decreasing absolute risk aversion, decreasing absolute prudence, increasing relative risk aversion, and increasing relative prudence.

Date: 2003
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DOI: 10.1080/0003684032000151287

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