Risk Aversion, Wealth, and Background Risk
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(3) EUROPEAN UNIVERSITY INSTITUTE. DEPARTMENT OF ECONOMICS. Risk Aversion, Wealth, and Background Risk LUIGI GUISO and MONICA PAIELLA. EUI Working Paper ECO 2007/47.
(4) This text may be downloaded for personal research purposes only. Any additional reproduction for other purposes, whether in hard copy or electronically, requires the consent of the author(s), editor(s). If cited or quoted, reference should be made to the full name of the author(s), editor(s), the title, the working paper or other series, the year, and the publisher. The author(s)/editor(s) should inform the Economics Department of the EUI if the paper is to be published elsewhere, and should also assume responsibility for any consequent obligation(s). ISSN 1725-6704. © 2007 Luigi Guiso and Monica Paiella Printed in Italy European University Institute Badia Fiesolana I – 50014 San Domenico di Fiesole (FI) Italy http://www.eui.eu/ http://cadmus.eui.eu/.
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
(13) 8I< :FE;L:K<; G<IJFE8CCP 8K K?< :FEJLD<IUJ ?FD< 9P GIF=<JJ@FE8C @EK<IM@<N<IJ $E FI;<I KF ?<CG K?< I<JGFE;<EK LE;<IJK8E; K?< HL<JK@FE K?< @EK<IM@<N<IJ J?FN 8E @CCLJKI8K@M< :8I; 8E; 8I< I<8;P KF GIFM@;< <OGC8E8K@FEJ /?< I<JGFE;<EK :8E 8EJN<I @E FE< F= K?I<< N8PJ @ ;<:C8I< K?< D8O@DLD 8DFLEK ?< @J N@CC@E> KF G8P =FI K?< J<:LI@KP N?@:? N< ;<EFK< @@ ;FEUK BEFN @@@ LEN@CC@E> KF 8EJN<I )FK@:< K?8K K?< ?PGFK?<K@:8C J<:LI@KPUJ ;<J@>E @J JL:? K?8K N@K? GIF98. 9@C@KP
(14) K?< I<JGFE;<EK ><KJ <LIFJ 8E; N@K? GIF989@C@KP
(15) ?< CFJ<J .F K?< <OG<:K<; M8CL< F= K?< J<:LI@KP @J C<8ICP . 8E; <LIFJ @DGCP I<JG<:K@M<CP I@JB 8M<IJ@FE I@JB E<LKI8C@KP 8E; I@JB CFM@E> /?@J :?8I8:K<I@Q<J 8KK@KL;<J KFN8I; I@JB HL8C@K8K@M<CP LK N< :8E ;F DFI< N@K?@E K?< <OG<:K<; LK@C@KP =I8D<NFIB 8 D<8JLI< F= K?< IIFNX+I8KK @E;<O F= 89JFCLK< I@JB 8M<IJ@FE :8E 9< F9K8@E<; =FI <8:? :FEJLD<I '<K * ;<EFK< ?FLJ<?FC; UJ <E;FND<EK N?@:? =FI K?< DFD<EK N< 8JJLD< KF 9< EFEI8E;FD '<K ( 9< K?< C@=<K@D< LK@C@KP =LE:K@FE 8E; C<K
(16) 9< K?< J<:LI@KP I8E;FD I<KLIE =FI @E;@M@;L8C K8B@E> M8CL<J 8E; N@K? <HL8C GIF989@C@KP /?< D8O@DLD GLI:?8J< GI@:< @J K?LJ >@M<E 9P ( * ( * ( * ( *
(17) . . N?<I< @J K?< <OG<:K8K@FEJ FG<I8KFI *E< N8P KF ;<I@M< 8 D<8JLI< F= K?< @DGC@<; I@JB 8M<IJ@FE NFLC; 9< KF K8B< 8 J<:FE; FI;<I /8PCFI <OG8EJ@FE F= K?< J<:FE; <HL8C@KP @E 8IFLE; * 8E; .
(18) K?<E F9K8@E 8E <JK@D8K< F= K?< IIFNX+I8KK D<8JLI< F= 89JFCLK< I@JB 8M<IJ@FE @E K<IDJ F= K?< G8I8D<K<IJ F= K?< ?PGFK?<K@:8C J<:LI@KP F= K?< JLIM<P /?< GIF9C<D N@K? K?@J 8GGIF8:? @J K?8K K?< I@JB 8M<IJ@FE 8K CFN C<M<CJ F= K?< GI@:< NFLC; 9< >I<8KCP LE;<I<JK@D8K<; 9@8J@E> KFN8I; Q<IF K?< <JK@D8K<; I<C8K@FE 9<KN<<E I@JB 8M<IJ@FE 8E; K?< :FEJLD<IUJ <E;FND<EK $E FI;<I KF 8MF@; K?@J GIF9C<D N< 8JJLD< 8 JG<:@R: =LE:K@FE8C =FID =FI K?< LK@C@KP =LE:K@FE JL:? K?8K K?< :F<Z:@<EK F= 89JFCLK< I@JB 8M<IJ@FE K<E;J KF @ERE@KP 8J K?< D8O@DLD I<GFIK<; GI@:< K<E;J KF Q<IF N< LJ< K?@J =FID KF :FD. GLK< K?< @DGC@<; 89JFCLK< I@JB 8M<IJ@FE =FI <8:? @E;@M@;L8C @E K?< J8DGC< )FK< K?8K N< LJ< K?< JG<:@R: =LE:K@FE8C =FID FECP =FI D8GG@E> K?< I<GFIK<; N@CC@E>. E<JJ KF G8P @EKF 8 D<8JLI< F= I@JB 8M<IJ@FE 0CK@D8K<CP N< 8I< @EK<I<JK<; @E K?< I<C8K@FE 9<KN<<E I@JB 8M<IJ@FE 8E; K?< :FEJLD<IUJ <E;FND<EK N?@:? @J ;<K<I. D@E<; EFK 9P K?< JG<:@R: LK@C@KP =LE:K@FE LJ<; =FI K?< D8GG@E> 9LK I8K?<I 9P K?< I<C8K@FE 9<KN<<E K?< I<GFIK<; GI@:< 8E; K?< C<M<C F= K?< @E;@M@;L8C <E;FND<EK . /F J<< K?@J F9J<IM< K?8K K?< J<:FE; FI;<I /8PCFI <OG8EJ@FE F= K?< I@>?K ?8E; J@;< F= . 8IFLE; >@M<J. .L9JK@KLK@E> K?@J <OGI<JJ@FE @EKF <HL8K@FE 8E; J@DGC@=P@E> K?< D<8JLI< F= 89JFCLK< I@JB 8M<IJ@FE
(19) N@CC 9<
(20)
(21) J 8GGIF8:?<J Q<IF K?@J D<8JLI< F=
(22) K<E;J KF N?<I<8J K?< KIL< D<8JLI< F= I@JB 8M<IJ@FE K<E;J KF @ERE@KP. .
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
(24) @J D<;@8E
(25) LJ@E> K?< <OGFE<EK@8C LK@C@KP 8E;
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
(30) ;<EFK< 8 Q<IF D<8E 98:B>IFLE; I@JB =FI @E;@M@;L8C N@K? M8I@8E:<. $= N< LJ< + , KF ;<EFK< K?< <OG<:K8K@FE N@K? I<JG<:K KF K?< I8E;FD M8I@89C< +
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
(44) I@JBP J<:LI@KP HL<JK@FE 8E; 8CJF =FI J<M<I8C JL9J8DGC<J F= K?< C8KK<I *LK F= @E;@M@;L8CJ N@CC@E> KF GLI:?8J< K?< J<:LI@KP K?< >I<8K D8AFI@KP 8I< I@JB 8M<IJ< @E K?8K K?<P I<GFIK 8 D8O@DLD GI@:< CFN<I K?8E K?< >8@E F[<I<; 9P K?< J<:LI@KP @E;@M@;L8CJ 8I< <@K?<I I@JB E<LKI8C FI
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
(47) 8E; CFJ@E> <LIFJ N@K? GIF989@C@KP
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
(51) /?LJ 8E @E;@M@;L8CJUJ ;<>I<< F= I@JB 8M<IJ@FE :FLC; N<CC <OGC8@E K?< I@JB C<M<C F= ?@J F::LG8K@FE *E< N8P KF 8JJ<JJ N?<K?<I FLI D<8JLI< F= I@JB 8M<IJ@FE I<S<:KJ D8@ECP EF@J< FI @EJK<8; I<M<8CJ @E;@M@;L8C I@JB 8KK@KL;<J @J KF :?<:B N?<K?<I @K ?8J GI<. ;@:K@M< GFN<I FM<I :FEJLD<IJU :?F@:<J K?8K K?<FIP JL>><JKJ J?FLC; 9< 8[<:K<; 9P @E;@M@;L8CJU I@JB 8M<IJ@FE $E /89C< K?< J<:FE; :FCLDE J?FNJ K?< J8DGC< :FII<C8K@FEJ 9<KN<<E D<8JLI<; I@JB 8M<IJ@FE 8E; E@E< @E;@:8KFIJ F= I@JBP :?F@:<J 8 ;LDDP =FI J<C= <DGCFPD<EK 8E; FE< =FI 9<@E> 8E <EKI<GI<E<LI @E;@:8KFIJ =FI 9<@E> 8 GL9C@: <DGCFP<< FNE<IJ?@G 8E; GFIK=FC@F J?8I< F= I@JBP 8JJ<KJ 8E; @E. M<JKD<EK @E <;L:8K@FE D<8JLI<; 9P K?< ELD9<I F= P<8IJ F= J:?FFC@E> 8 ;LDDP =FI N?<K?<I 8 G<IJFE ?8J DFM<; =IFD ?@J I<>@FE F= 9@IK? 8E; FE< =FI N?<K?<I ?< K<E;J KF :?8E>< AF9J 8E; 8E @E;@:8KFI =FI :?IFE@: ;@J<8J< /?<J< 8I< K?< M8I@. 89C<J FE N?@:? "L@JF 8E; +8@<CC8 =F:LJ @E 8JJ<JJ@E> K?< GI<;@:K@M< GFN<I F= 8 I@JB 8M<IJ@FE D<8JLI< 8J<; FE K?<FIP FE< <OG<:KJ 8 E<>8K@M< :FII<C8K@FE 9<KN<<E I@JB 8M<IJ@FE 8E; J<C= <DGCFPD<EK <EKI<GI<E<LIJ?@G I@JBP 8JJ<K FNE. <IJ?@G 8E; J?8I< @EM<JKD<EK @E <;L:8K@FE 8 I@JBP <E;<8MFI 9<@E> 8 DFM<I ?8M@E> 8 ?@>? GIFG<EJ@KP KF :?8E>< AF9J 8E; @E:LII@E> 8 :?IFE@: ;@J<8J< :FE. M<IJ<CP K?<I< J?FLC; 9< 8 GFJ@K@M< :FII<C8K@FE 9<KN<<E I@JB 8M<IJ@FE 8E; 9<@E> 8 GL9C@: <DGCFP<< /?< J@>EJ F= K?< LE:FE;@K@FE8C :FII<C8K@FEJ 8I< ><E<I8CCP :FE. J@JK<EK N@K? K?< GI@FIJ 9LK ;@[<I @E J@Q< ;<G<E;@E> FE K?< G8IK@:LC8I 9<?8M@FI. .
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
(54)
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
(57) . . . . *
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
(59) @J GI<J<EK K?<E FLI D<8. JLI< DLJK 9< @EK<IGI<K<; 8J D<8JLI@E> K?< I@JB 8M<IJ@FE F= K?< @E;@I<:K C@=<K@D< .
(60) LK@C@KP =LE:K@FE )* (* ,
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
(63) G<ID8E<EK @E:FD< :FEK<OK :FEJLDG. K@FE <OG<E;@KLI< @J 8 JLZ:@<EK JK8K@JK@: =FI C@=<K@D< I<JFLI:<J 8J G<I:<@M<; 9P K?< .
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
(66) K?< RIJK ;LDDP @J <HL8C KF @= K?< :FEJLD<IUJ =8K?<I @J
(67) N8J J<C= <DGCFP<; FK?<IN@J< K?< J<:FE; ;LDDP @J <HL8C KF @= ?< @J
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
(70) K?8K D@O<J - 8E; -- GI<=<I<E:<J /?< 89JFCLK< I@JB 8M<IJ@FE :F<Z:@<EK @J >@M<E 9P N?@:? @J @E:I<8J@E> @E =FI /?< 8LK?FIJ 8I>L< K?8K K?< <JK@D8K<
(71) @J :FEJ@JK<EK N@K? K?< 9<?8M@FI K?<P F9J<IM<. .
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
(74) @= K?<P GLI. :?8J< K?< J<:LI@KP $E /89C< N< :?<:B N?<K?<I FLI I<JLCKJ 8I< 8[<:K<; @= N< 8JJLD< @EJK<8; K?8K @E;@M@;L8CJ ?8M< @EK<IGI<K<; K?< HL<JK@FE 8J D<8E@E> K?8K K?<P V><KW <LIFJ N@K? GIF989@C@KP
(75) 8E; JF K?<@I >8@E @J .@E:< . /F J<< K?@J C<K
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