Genetic Variation in Financial Decision‐Making
研究发现，瑞典成年人投资组合风险中约25%的个体差异可归因于遗传变异，这一结论也适用于其他金融决策方面。
ABSTRACT Individuals differ in how they construct their investment portfolios, yet empirical models of portfolio risk typically account only for a small portion of the cross‐sectional variance. This paper asks whether genetic variation can explain some of these individual differences. Following a major pension reform Swedish adults had to form a portfolio from a large menu of funds. We match data on these investment decisions with the Swedish Twin Registry and find that approximately 25% of individual variation in portfolio risk is due to genetic variation. We also find that these results extend to several other aspects of financial decision‐making.