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Time-Varying Individual Risk Attitudes over the Great Recession: A Comparison of Germany and Ukraine

Thomas Dohmen (), Hartmut Lehmann () and Norberto Pignatti ()

No 9333, IZA Discussion Papers from Institute of Labor Economics (IZA)

Abstract: We use the panel data of the German Socio-Economic Panel (SOEP) and of the Ukrainian Longitudinal Monitoring Survey (ULMS) to investigate whether risk attitudes have primary (exogenous) determinants that are valid in different stages of economic development and in a different structural context, comparing a mature capitalist economy and a transition economy. We then analyze the stability of the risk measures over time. Between 2007 and 2012 we have the Great Recession, which had a mild impact in the German labor market while it had a more profound impact on the Ukrainian labor market. This enables us to investigate whether and how the crisis impacted on the risk attitudes in the two countries. By focusing on self-employment we also investigate whether the reduced willingness to take risks as a consequence of the Great Recession affects labor market dynamics and outcomes.

Keywords: labor market outcomes; time variation; Great Recession; risk attitudes; Germany; Ukraine (search for similar items in EconPapers)
JEL-codes: J64 J65 P50 (search for similar items in EconPapers)
Pages: 83 pages
Date: 2015-09
New Economics Papers: this item is included in nep-cis, nep-eur and nep-lab
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Published in: Journal of Comparative Economics, 2016, 44 (1), 182-200

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Related works:
Journal Article: Time-varying individual risk attitudes over the Great Recession: A comparison of Germany and Ukraine (2016) Downloads
Working Paper: Time-varying individual risk attitudes over the Great Recession: A comparison of Germany and Ukraine (2015) Downloads
Working Paper: Time-Varying Individual Risk Attitudes over the Great Recession: A Comparison of Germany and Ukraine (2015) Downloads
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