Risk Attitudes, Investment Behavior, and Linguistic Variation
研究语言变异与个人风险态度之间的关系，发现使用非指示语气更频繁的语言使用者平均更厌恶风险，并利用该语言标记作为风险厌恶的工具变量分析金融资产积累。
This study explores the relationship between linguistic variation and individual attitudes toward risk and uncertainty. We propose an innovative marker that classifies languages according to the number of nonindicative moods in the grammatical contexts involving uncertainty. We find that speakers of languages that use these moods more intensively are on average more risk averse. Our marker is then used to instrument risk aversion in the model for financial asset accumulation. In addition, by using the Chen (2013) future time reference linguistic marker as a proxy for the subjective discount rate, we disentangle the effects of risk aversion and time preferences on asset accumulation.