Peer Effects in Risk Aversion and Trust

• 成果类型: Article
• 署名作者: Ahern, Kenneth R.; Duchin, Ran; Shumway, Tyler
• 署名单位: University of Southern California; University of Washington; University of Washington Seattle; University of Michigan System; University of Michigan
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhu042
• 发表日期: 2014
• 页码: 3213
• 关键词: Random assignment; retirement plan; neighbors; BEHAVIOR; HEALTH; identification; PARTICIPATION; preferences; INFORMATION; decisions

摘要

Existing evidence shows that risk aversion and trust are largely determined by environmental factors. We test whether one such factor is peer influence. Using random assignment of MBA students to peer groups and predetermined survey responses of economic attitudes, we find causal evidence of positive peer effects in risk aversion and no effects in trust. After the first year of the MBA program, the difference between an individual and her peers' average risk aversion has shrunk by 41%. Finding no peer effects in trust is consistent with recent research showing that distinct cognitive processes govern risk aversion and trust.