'O Sole Mio: An Experimental Analysis of Weather and Risk Attitudes in Financial Decisions

• 成果类型: Article
• 署名作者: Bassi, Anna; Colacito, Riccardo; Fulghieri, Paolo
• 署名单位: University of North Carolina; University of North Carolina Chapel Hill
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hht004
• 发表日期: 2013
• 页码: 1824
• 关键词: MOOD; aversion; Sunshine

摘要

Although weather has been shown to affect financial markets and financial decision making, a still open question is the channel through which such influence is exerted. By employing a multiple price list method, this paper provides direct experimental evidence that sunshine and good weather promote risk-taking behavior. This effect is present whether relying on objective measures of meteorological conditions or subjective weather assessments. Finally, employing a psychological test, we find evidence that weather may affect individual risk tolerance through its effect on mood.