Emotions and Risk Attitudes
利用大型面板数据，研究发现快乐、愤怒和恐惧等情绪变化能显著预测个人风险态度的波动，并通过父母或子女去世的事件研究进一步确认了情绪与风险态度之间的强关联。
Previous work has shown that preferences are not always stable across time, but surprisingly little is known about the reasons for this instability. I examine whether variation in people's emotions over time predicts changes in risk attitudes. Using a large-panel dataset, I identify happiness, anger, and fear as significant correlates of within-person changes in risk attitudes. Robustness checks indicate a limited role for alternative explanations. An event study around the death of a parent or child further confirms a large relationship between emotions and risk attitudes.