메뉴 건너뛰기




Volumn 12, Issue 4, 2011, Pages 201-218

Retirement investor risk tolerance in tranquil and crisis periods: Experimental survey evidence

Author keywords

Financial crisis; Investment decisions; Investment risk; Risk preferences

Indexed keywords


EID: 84868192082     PISSN: 15427560     EISSN: 15427579     Source Type: Journal    
DOI: 10.1080/15427560.2011.620199     Document Type: Article
Times cited : (40)

References (33)
  • 1
    • 56149098662 scopus 로고    scopus 로고
    • Asset Allocation and Information Overload: The Influence of Information Display, Asset Choice and Investor Experience
    • Agnew, J. R. and L. R. Szykman. "Asset Allocation and Information Overload: The Influence of Information Display, Asset Choice and Investor Experience." Journal of Behavioral Finance, 6, (2005), pp. 57-70.
    • (2005) Journal of Behavioral Finance , vol.6 , pp. 57-70
    • Agnew, J.R.1    Szykman, L.R.2
  • 2
    • 33746838709 scopus 로고    scopus 로고
    • How do Household Portfolio Shares Vary with Age?
    • Columbia University
    • Ameriks, J. and S. P. Zeldes. "How do Household Portfolio Shares Vary with Age?" Working Paper (2004), Columbia University.
    • (2004) Working Paper
    • Ameriks, J.1    Zeldes, S.P.2
  • 4
    • 84868224377 scopus 로고    scopus 로고
    • Authority Australian Prudential Regulatory (released August 20, 2009), Canberra
    • Australian Prudential Regulatory Authority. "Superannuation Fund-Level Rates of Return, December 2008" (released August 20, 2009), Canberra, 2009.
    • (2009) Superannuation Fund-Level Rates of Return, December 2008
  • 6
    • 0020183162 scopus 로고
    • Regret in Decision Making Under Uncertainty
    • Bell, D. E. "Regret in Decision Making Under Uncertainty." Operations Research, 30, (1982), pp. 961-981.
    • (1982) Operations Research , vol.30 , pp. 961-981
    • Bell, D.E.1
  • 7
    • 84906006114 scopus 로고
    • Myopic Loss Aversion and the Equity Premium Puzzle
    • February
    • Benartzi, S. and R. H. Thaler. "Myopic Loss Aversion and the Equity Premium Puzzle." Quarterly Journal of Economics, February, (1995), pp. 73-92.
    • (1995) Quarterly Journal of Economics , pp. 73-92
    • Benartzi, S.1    Thaler, H.2
  • 8
    • 0007935565 scopus 로고    scopus 로고
    • Naïve Diversification Strategies in Defined Contribution Saving Plans
    • Benartzi, S. and R. H. Thaler. "Naïve Diversification Strategies in Defined Contribution Saving Plans." American Economic Review, 91, (2001), pp. 79-97.
    • (2001) American Economic Review , vol.91 , pp. 79-97
    • Benartzi, S.1    Thaler, R.H.2
  • 9
    • 36248972634 scopus 로고    scopus 로고
    • Heuristics and Biases in Retirement Savings Behavior
    • Benartzi, S. and R. H. Thaler. "Heuristics and Biases in Retirement Savings Behavior." Journal of Economic Perspectives 21, (2007), pp. 81-104.
    • (2007) Journal of Economic Perspectives , vol.21 , pp. 81-104
    • Benartzi, S.1    Thaler, R.H.2
  • 10
    • 84868224376 scopus 로고    scopus 로고
    • Choice Architecture and Retirement Saving Plans
    • Anderson School, UCLA. Available at
    • Benartzi, S., E. Peleg and R. H. Thaler. "Choice Architecture and Retirement Saving Plans." Working Paper (2009), Anderson School, UCLA. Available at: http://ssrn.com/abstract=999420.
    • (2009) Working Paper
    • Benartzi, S.1    Peleg, E.2    Thaler, R.H.3
  • 11
    • 39749198292 scopus 로고    scopus 로고
    • Individual Pension-related Risk Propensities: The Effect of Socio-demographic Characteristics and a Spousal Entitlement on Risk Attitudes
    • Clark, G. L. and K. Strauss. "Individual Pension-related Risk Propensities: The Effect of Socio-demographic Characteristics and a Spousal Entitle-ment on Risk Attitudes." Ageing and Society, 28, (2008), pp. 847-874.
    • (2008) Ageing and Society , vol.28 , pp. 847-874
    • Clark, G.L.1    Strauss, K.2
  • 12
    • 69249233529 scopus 로고    scopus 로고
    • Individual Account Retirement Plans: An Analysis of the 2007 Survey of Consumer Finances, with Market Adjustments to June 2009
    • No, August
    • Copeland, C. "Individual Account Retirement Plans: An Analysis of the 2007 Survey of Consumer Finances, with Market Adjustments to June 2009." EBRI Issue Brief, No. 333 (August 2009).
    • (2009) EBRI Issue Brief , pp. 333
    • Copeland, C.1
  • 13
    • 77953711920 scopus 로고    scopus 로고
    • The Generalized Multinomial Logit Model: Accounting for Scale and Coefficient Hetero-geneity
    • Fiebig, D., M. D. Keane, J. J. Louviere and N. Wasi. "The Generalized Multinomial Logit Model: Accounting for Scale and Coefficient Hetero-geneity." Marketing Science, 29, (2010), pp. 393-421.
    • (2010) Marketing Science , vol.29 , pp. 393-421
    • Fiebig, D.1    Keane, M.D.2    Louviere, J.J.3    Wasi, N.4
  • 15
    • 0038646142 scopus 로고    scopus 로고
    • A Latent Class Model for Discrete Choice Analysis: Contrasts With Mixed Logit
    • Greene, W. H. and D. A. Hensher. "A Latent Class Model for Discrete Choice Analysis: Contrasts With Mixed Logit." Transportation Research Part B: Methodological, 37, (2003), pp. 681-698.
    • (2003) Transportation Research Part B: Methodological , vol.37 , pp. 681-698
    • Greene, W.H.1    Hensher, D.A.2
  • 16
    • 0042209636 scopus 로고    scopus 로고
    • An Exploratory Investigation of the Relation Between Risk Tolerance Scores and Demographic Characteristics
    • Hallahan, T., R. Faff and M. McKenzie. "An Exploratory Investigation of the Relation Between Risk Tolerance Scores and Demographic Characteristics." Journal of Multinational Financial Management, 13, (2003), pp. 483-502.
    • (2003) Journal of Multinational Financial Management , vol.13 , pp. 483-502
    • Hallahan, T.1    Faff, R.2    McKenzie, M.3
  • 17
    • 0037756148 scopus 로고    scopus 로고
    • Risk Aversion and Incentive Effects
    • Holt, C. A. and S. K. Laury. "Risk Aversion and Incentive Effects." The American Economic Review, 92, (2002), pp. 1644-1655.
    • (2002) The American Economic Review , vol.92 , pp. 1644-1655
    • Holt, C.A.1    Laury, S.K.2
  • 18
    • 33644899396 scopus 로고    scopus 로고
    • Offering Versus Choice in 401(k) Plans: Equity Exposure and Number of Funds
    • Huberman, G. and W. Jiang. "Offering Versus Choice in 401(k) Plans: Equity Exposure and Number of Funds." Journal of Finance, 56, (2006), pp. 763-801.
    • (2006) Journal of Finance , vol.56 , pp. 763-801
    • Huberman, G.1    Jiang, W.2
  • 19
    • 0032093293 scopus 로고    scopus 로고
    • Aspects of Investor Psychology: Beliefs Preferences and Biases in Investment Advisors Should Know About
    • Kahneman, D. and M. Riepe. "Aspects of Investor Psychology: Beliefs Preferences and Biases in Investment Advisors Should Know About." Journal of Portfolio Management, 24, (1998), pp. 52-65.
    • (1998) Journal of Portfolio Management , vol.24 , pp. 52-65
    • Kahneman, D.1    Riepe, M.2
  • 20
    • 0000923828 scopus 로고
    • Regret Theory: An Alternative Theory of Rational Choice Under Uncertainty
    • Loomes, G. and R. Sugden. "Regret Theory: An Alternative Theory of Rational Choice Under Uncertainty." Economic Journal, 92, (1982), pp. 805-824.
    • (1982) Economic Journal , vol.92 , pp. 805-824
    • Loomes, G.1    Sugden, R.2
  • 21
    • 47749147899 scopus 로고    scopus 로고
    • Confound It! That Pesky Little Scale Constant Messes Up Our Convenient Assumptions
    • Sequim, WA: Sawtooth Software Inc
    • Louviere, J. J. and T. Eagle. "Confound It! That Pesky Little Scale Constant Messes Up Our Convenient Assumptions." In Proceedings of the Sawtooth Software Conference 2006. Sequim, WA: Sawtooth Software Inc., 2006, pp. 211-228.
    • (2006) Proceedings of the Sawtooth Software Conference , pp. 211-228
    • Louviere, J.J.1    Eagle, T.2
  • 24
    • 0002297105 scopus 로고
    • Conditional Logit Analysis of Qualitative Choice Behavior
    • In P. Zarembka, ed., New York: Academic Press
    • McFadden, D. "Conditional Logit Analysis of Qualitative Choice Behavior." In P. Zarembka, ed., Frontiers in Econometrics. New York: Academic Press, 1974.
    • (1974) Frontiers In Econometrics
    • McFadden, D.1
  • 27
    • 84977427532 scopus 로고
    • The Behavioral Lifecycle Hypothesis
    • Sherfin, H. and R. D. Thaler. "The Behavioral Lifecycle Hypothesis." Economic Inquiry, 26, (1988), pp. 609-643.
    • (1988) Economic Inquiry , vol.26 , pp. 609-643
    • Sherfin, H.1    Thaler, R.D.2
  • 29
    • 0016264378 scopus 로고
    • Judgment under Uncertainty: Heuristics and Biases
    • Tversky, A. and D. Kahneman. "Judgment under Uncertainty: Heuristics and Biases." Science, 185, (1974), pp. 1124-1131.
    • (1974) Science , vol.185 , pp. 1124-1131
    • Tversky, A.1    Kahneman, D.2
  • 30
    • 84868250197 scopus 로고    scopus 로고
    • Life-Cycle Funds
    • Harvard Business School, Harvard University. Available at
    • Viceira, L. M."Life-Cycle Funds." Working Paper (2007), Harvard Business School, Harvard University. Available at: http://ssrn.com/abstract=988362.
    • (2007) Working Paper
    • Viceira, L.1
  • 31
    • 84858074625 scopus 로고    scopus 로고
    • Risk Preference Discrepancy: A Prospect Relativity Account of the Discrepancy Between Risk Preferences in Laboratory Gambles and Real World Investments
    • Vlaev, I., N. Stewart and N. Chater. "Risk Preference Discrepancy: A Prospect Relativity Account of the Discrepancy Between Risk Preferences in Laboratory Gambles and Real World Investments." Journal of Behavioral Finance, 9, (2008), pp. 132-148.
    • (2008) Journal of Behavioral Finance , vol.9 , pp. 132-148
    • Vlaev, I.1    Stewart, N.2    Chater, N.3
  • 32
    • 77956636758 scopus 로고    scopus 로고
    • Dimensionality of Risk Perception: Factors Affecting Consumer Understanding and Evaluation of Financial Risk
    • Vlaev, I., N. Chater and N. Stewart. "Dimensionality of Risk Perception: Factors Affecting Consumer Understanding and Evaluation of Financial Risk." Journal of Behavioral Finance, 10, (2009), pp. 158-181.
    • (2009) Journal of Behavioral Finance , vol.10 , pp. 158-181
    • Vlaev, I.1    Chater, N.2    Stewart, N.3
  • 33
    • 7444220357 scopus 로고    scopus 로고
    • Assessing Risk Tolerance: Questioning the Questionnaire Method
    • Yooks, K. C. and R. E. Everett. "Assessing Risk Tolerance: Questioning the Questionnaire Method." Journal of Financial Planning, 16, (2003), pp. 48-55.
    • (2003) Journal of Financial Planning , vol.16 , pp. 48-55
    • Yooks, K.C.1    Everett, R.E.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.