The Impact of Individual Heterogeneity on Household Asset Choice: An Empirical Study Based on China Family Panel Studies

IF 0.7 Q4 COMPUTER SCIENCE, ARTIFICIAL INTELLIGENCE Journal of Advanced Computational Intelligence and Intelligent Informatics Pub Date : 2023-09-20 DOI:10.20965/jaciii.2023.p0748

Luyi Shen, Zeyang Li

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Abstract

In China’s evolving market economy, household asset diversification and refinement have raised concerns about asset selection and rationalization for financial market development. Our research investigates the impact of individual heterogeneity factors, such as the “Big Three” personality traits and cognitive abilities, on household asset allocation behaviors, expanding upon the traditional focus on risky financial assets and the “Big Five” personality traits. We utilize data from the 2018 China Family Panel Studies and employ logistic and hurdle models to examine the breadth of household asset holdings. We utilize two-part models to explore the depth of household asset holdings. Our findings reveal the impact of different personality traits and cognitive abilities on the depth and breadth of different household assets. This study offers a more comprehensive understanding of household asset selection by considering various asset types and individual heterogeneity factors.

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个体异质性对家庭资产选择的影响——基于中国家庭面板研究的实证研究

在中国不断发展的市场经济中，家庭资产多元化和精细化引起了对金融市场发展的资产选择和合理化的关注。我们的研究扩展了对风险金融资产和“五大”人格特征的传统关注，探讨了个体异质性因素(如“三大”人格特征和认知能力)对家庭资产配置行为的影响。我们利用2018年中国家庭面板研究的数据，并采用logistic和障碍模型来检验家庭资产持有的广度。我们利用两部分模型来探讨家庭资产持有的深度。我们的研究结果揭示了不同人格特质和认知能力对不同家庭资产的深度和广度的影响。本研究通过考虑各种资产类型和个体异质性因素，对家庭资产选择有了更全面的认识。

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来源期刊

Journal of Advanced Computational Intelligence and Intelligent Informatics COMPUTER SCIENCE, ARTIFICIAL INTELLIGENCE-

CiteScore

1.50

自引率

14.30%

发文量

期刊介绍： JACIII focuses on advanced computational intelligence and intelligent informatics. The topics include, but are not limited to; Fuzzy logic, Fuzzy control, Neural Networks, GA and Evolutionary Computation, Hybrid Systems, Adaptation and Learning Systems, Distributed Intelligent Systems, Network systems, Multi-media, Human interface, Biologically inspired evolutionary systems, Artificial life, Chaos, Complex systems, Fractals, Robotics, Medical applications, Pattern recognition, Virtual reality, Wavelet analysis, Scientific applications, Industrial applications, and Artistic applications.