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Risk Attitudes as an Independent Predictor of Debt

Michael Daly, Liam Delaney and Séamus McManus
Additional contact information
Michael Daly: UCD Geary Institute,University College Dublin and School of Psychology,Trinity College Dublin
Séamus McManus: UCD Geary Institute,University College Dublin and School of Business & Economics,Maastricht University

No 201049, Working Papers from Geary Institute, University College Dublin

Abstract: This paper examines how attitudes to risk relate to other psychological constructs of personality and consideration of future consequences (a proxy for time preferences) and how risk attitudes relate to credit behaviour and debt holdings. There is a small correlation between risk attitudes and consideration of future consequences. As regards personality, risk attitudes are most positively related to extraversion and openness to experience and are negatively related to neuroticism. Risk willingness is a robust predictor of debt holdings even controlling for demographics, personality, consideration of future consequences and other covariates.

JEL-codes: D12 D81 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2010-10-28
New Economics Papers: this item is included in nep-neu and nep-upt
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9) Track citations by RSS feed

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http://www.ucd.ie/geary/static/publications/workingpapers/gearywp201049.pdf First version, 2010 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:ucd:wpaper:201049

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