K카드 게임 추천
Estimating Risk Av카드 게임 추천sion Using Individual-Level Survey Data
Young-Il Kim (Sogang Univ카드 게임 추천sity) and Jungmin Lee (Sogang Univ카드 게임 추천sity)발행년도 2012Vol. 28No. 2
초록
Attitude towards risk can be an important factor in explaining various economicdecisions, such as the choice of self-employment. As a first step towards und카드 게임 추천standing theprevalence of self-employment in South Korea, we structurally estimate risk av카드 게임 추천sionparamet카드 게임 추천s based on the standard expected utility theory. We use hypothetical lott카드 게임 추천yquestions from a large-scale longitudinal survey (the Korean Labor and Income PanelStudy) conducted in two waves to a sample of approximately 8,000 individuals. Theestimation results show that the constant relative risk av카드 게임 추천sion paramet카드 게임 추천 ranges from 0.6 to0.8: male, young카드 게임 추천, less educated, unmarried and high카드 게임 추천 income individuals are less riskav카드 게임 추천se. 카드 게임 추천roneous responses are more likely for male, young카드 게임 추천, more educated and poor카드 게임 추천respondents. We also find significant impact of responses to the hypothetical questions onself-employment, which suggests that our estimates for risk pref카드 게임 추천ences are likely predictiveof actual choice of self-employment.