Risk aversion is of great importance on a microeconomic and a macroeconomic level. First of all, risk aversion is an important factor in explaining many everyday decisions. Among these are decisions to invest money in different types of assets, the decision to enter the labour market and others like the decision to move (Guiso and Paiella, 2004). As risk tolerance is so important in life, one asks ...
Risk aversion is an important factor in explaining many everyday decisions. Thus, one asks which determinants can explain different attitudes towards risk. Several studies show different risk attitudes with respect to gender, age, income, and wealth (e.g. [19]). While these findings are hardly controversial, there is still some uncertainty about the effect of culture on risk tolerance. Thus, the main ...