Do Risk Preferences Change? Evidence from the Great East Japan Earthquake
利用全国代表性调查面板数据，研究2011年东日本大地震对个体风险偏好的影响，发现经历更强烈地震的男性在震后一年风险容忍度上升，且该效应持续五年，而女性无此变化。
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 a year after the Earthquake. Interestingly, 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. Furthermore, these men gamble more, which is consistent with the direction of changes in risk preferences. We find no such pattern for women.