Long‐term effects of economic depressions on wealth
研究欧洲人在年轻时经历经济萧条（GDP下降至少10%）对老年时财富和资产配置的长期影响，发现经历萧条使人更厌恶风险但更注重长期储蓄，从而积累更多财富。
Abstract This paper examines the long‐term effects of economic depressions – defined as multi‐year peak‐to‐trough GDP declines of at least 10 percent – experienced until young adulthood on the wealth distribution and portfolio allocation of older individuals in Europe. We document that experiencing more economic depression years when young has a positive effect on wealth at older ages. By analyzing individual portfolio choices, preferences, and personality, we find that, while experiencing a depression makes individuals more risk averse, it also increases their financial planning horizon and conscientiousness. These results provide evidence that individuals who experienced economic depressions when young invest less in risky assets but save more, and thus tend to accumulate more wealth in the long run.