English, Article, Journal or magazine article edition: Weather and Financial Risk-Taking: Is Happiness the Channel? Cahit Guven

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Bookmark: http://trove.nla.gov.au/version/107240
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Weather and Financial Risk-Taking: Is Happiness the Channel?
Author
  • Cahit Guven
Physical Description
  • preprint
Notes
  • Weather variables, in particular sunshine, are found to be strongly correlated with financial variables. I consider self-reported happiness as a channel through which sunshine affects financial variables. I examine the influence of happiness on risk-taking behavior by instrumenting individual happiness with regional sunshine. I find that happy people appear to be more risk-averse in financial decisions and (accordingly) choose safer investments. Happy people take more time for making decisions and have more self-control. Happy people also expect a longer life and (accordingly) seem more concerned about the future than the present and expect less inflation.
  • happiness, risk-taking, behavioral finance, weather.
  • RePEc:dkn:econwp:eco_2009_06
Language
  • English
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