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Source: Journal of Behavioral and Experimental Finance
Resulting in 2 citations.
1. Rabbani, Abed G.
Yao, Zheying
Wang, Christina
Does Personality Predict Financial Risk Tolerance of Pre-Retiree Baby Boomers?
Journal of Behavioral and Experimental Finance 23 (September 2019): 124-132.
Also: https://www.sciencedirect.com/science/article/pii/S2214635019300358
Cohort(s): NLSY79
Publisher: Elsevier
Keyword(s): Financial Behaviors/Decisions; Personality/Big Five Factor Model or Traits; Risk-Taking

Financial risk tolerance is an important concept that helps financial planners recommend financial products to their clients. As the baby boomer generation approaches retirement, research to determine how these individuals perceive financial risk tolerance has grown exponentially. The present study examines the relationship between financial risk tolerance and the Big Five personality traits (also known as the Five-Factor Model), which include extraversion, agreeableness, conscientiousness, emotional stability, and openness to experience, in the baby boomer generation. We argue that the influences of Big-five personality traits are consistent in baby-boomer generation. We find that baby boomers with a higher degree of extraversion, emotional stability, and openness to experience are more risk tolerant, while those with a higher degree of agreeableness and conscientiousness have lower risk tolerance.
Bibliography Citation
Rabbani, Abed G., Zheying Yao and Christina Wang. "Does Personality Predict Financial Risk Tolerance of Pre-Retiree Baby Boomers?" Journal of Behavioral and Experimental Finance 23 (September 2019): 124-132.
2. Song, Jung "Anna"
Park, Heejung
Park, Narang
Heo, Wookjae
The Effect of Experiencing a Death on Life Insurance Ownership
Journal of Behavioral and Experimental Finance 22 (June 2019): 170-176.
Also: https://www.sciencedirect.com/science/article/pii/S2214635018302314
Cohort(s): NLSY79
Publisher: Elsevier
Keyword(s): Insurance; Trauma/Death in family

Though there is a huge literature on the demand for life insurance, it heavily focuses on demographic and economic factors. This study fills the gap in the current literature by incorporating psychological factor such as an experiencing a death in family members. The goal of this paper is to investigate the effect of death experience on life insurance ownership. Using a data from National Longitudinal Survey of Youth, we find evidence that there is positive association between a death experience and life insurance demand. Also, the model is better explained when both situational and dispositional factors are jointly examined.
Bibliography Citation
Song, Jung "Anna", Heejung Park, Narang Park and Wookjae Heo. "The Effect of Experiencing a Death on Life Insurance Ownership." Journal of Behavioral and Experimental Finance 22 (June 2019): 170-176.