Household risk taking after the financial crisis

Necker S, Ziegelmeyer M (2016)

Publication Type: Journal article

Publication year: 2016


Book Volume: 59

Pages Range: 141-160

DOI: 10.1016/j.qref.2015.03.006


This study investigates whether and how the crisis in 2008/2009 affects households' risk attitudes, subjective risk and return expectations, and planned financial risk taking using the German SAVE study. Households' wealth change from end-2007 to end-2009 is not found to have an effect. However, households that attribute losses to the crisis decreased their risk tolerance and planned risk taking; the probability of expecting an increase in risks and returns is increased. According to economic theory, wealth changes attributed to a dramatic event should not have a different effect than other wealth changes. The results suggest an emotional reaction.

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Necker, S., & Ziegelmeyer, M. (2016). Household risk taking after the financial crisis. Quarterly Review of Economics and Finance, 59, 141-160.


Necker, Sarah, and Michael Ziegelmeyer. "Household risk taking after the financial crisis." Quarterly Review of Economics and Finance 59 (2016): 141-160.

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