NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Yasutora Watanabe

Department of Economics
HKUST Business School
and Technology
Clear Water Bay, Kowloon, HONG KONG.
Hong Kong

E-Mail: yasutora@ust.hk
Institutional Affiliation: Hong Kong University of Science and Technology

NBER Working Papers and Publications

July 2015Do Risk Preferences Change? Evidence from Panel Data before and after the Great East Japan Earthquake
with Chie Hanaoka, Hitoshi Shigeoka: w21400
We investigate whether individuals’ risk preferences change after experiencing a natural disaster, specifically, the 2011 Great East Japan Earthquake. Exploiting the panels of nationally representative surveys on risk preferences, we find that men who experienced greater intensity of the Earthquake became more risk tolerant after the Earthquake. Furthermore, these men gamble more, which is consistent with the direction of changes in risk preferences. We find no such pattern for women. Finally, the effects on men’s risk preferences are persistent even five years after the Earthquake at almost the same magnitude as those shortly after the Earthquake.

Published: Hanaoka, Chie, Hitoshi Shigeoka, and Yasutora Watanabe. 2018. "Do Risk Preferences Change? Evidence from the Great East Japan Earthquake." American Economic Journal: Applied Economics, 10 (2): 298-330. DOI: 10.1257/app.20170048

 
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