{"title":"Mental health and financial risk attitudes: Panel data evidence from Australia","authors":"Dusanee Kesavayuth, Vasileios Zikos","doi":"10.1111/coep.12669","DOIUrl":null,"url":null,"abstract":"We examine the impact of mental health on financial risk attitudes using panel data from Australia. In an instrumental‐variables framework that tries to address the endogeneity of mental health, we find that poor mental health can lead to a higher willingness to take risks. Specifically, a standard deviation decrease in mental health leads to a 10.3 percentage point increase in the likelihood of taking financial risks. This finding remains robust across various sensitivity checks and highlights the significant role that mental health plays in risk‐taking preferences in financial matters.","PeriodicalId":47364,"journal":{"name":"Contemporary Economic Policy","volume":"183 1","pages":""},"PeriodicalIF":1.7000,"publicationDate":"2024-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Contemporary Economic Policy","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1111/coep.12669","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
We examine the impact of mental health on financial risk attitudes using panel data from Australia. In an instrumental‐variables framework that tries to address the endogeneity of mental health, we find that poor mental health can lead to a higher willingness to take risks. Specifically, a standard deviation decrease in mental health leads to a 10.3 percentage point increase in the likelihood of taking financial risks. This finding remains robust across various sensitivity checks and highlights the significant role that mental health plays in risk‐taking preferences in financial matters.
期刊介绍：
Contemporary Economic Policy publishes scholarly economic research and analysis on issues of vital concern to business, government, and other decision makers. Leading western scholars, including three Nobel laureates, are among CEP"s authors. The objectives are to communicate results of high quality economic analysis to policymakers, focus high quality research and analysis on current policy issues of widespread concern, increase knowledge among economists of features of the economy key to understanding the impact of policy, and to advance methods of policy analysis.
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