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B1c The Effects of Risk Tolerance on Investment Search Behavior
Key Words
Risk tolerance, Searching behavior, Investment choice, Economics of information
Short Description
Households search for information in order to make better decisions about purchases and financial decisions. Optimal search for financial resources depends on both the expected gains from the financial resources as well as the time and monetary cost of searching. This paper investigates the associations between risk tolerance and investment searching behavior. The study offers a theoretical framework for the possible mechanisms of risk tolerance on searching behavior for investments. Empirical results using 2016 Survey of Consumer Finances (SCF) dataset show positive relationships between two measures of risk tolerance and search effort for investments. The results also support three hypothesized channels of risk tolerance on searching, that the risk tolerance may be related with the amount of asset, the type of asset, and the tolerated expected value loss. The relationships between search behavior and other covariates are also explored.
First & Corresponding Author
Dongyue Ying, The Ohio State University
Authors in the order to be printed
Dongyue Ying, Sherman D. Hanna