Time-varying individual risk attitudes over the Great Recession: A comparison of Germany and Ukraine |
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| Institution: | 1. University of Bonn, Maastricht University, IZA and DIW, Berlin;2. University of Bologna, IZA and DIW, Berlin;3. International School of Economics at Tbilisi State University;1. Bank of Canada, 234 Laurier Avenue West, Ottawa, Ontario K1A 0G9, Canada;2. Department of Economics, Emory University, 1602 Fishburne Dr, Rich Bldg., 3rd Floor, Atlanta, GA 30322, USA;3. University of Bradford, Faculty of Social and International Studies, Richmond Rd, Bradford, West Yorkshire, BD7 1DP, United Kingdom;4. Kyiv School of Economics, Ukraine and National Research University Higher School of Economics, 13 Yakira St., Suite 319, Kyiv, 04119, UKRAINE;1. Kyiv School of Economics Kyiv, Ukraine\n;2. University of Duisburg-Essen and CINCH Essen, Germany\n;1. Department of International Relations, Lehigh University, United States;2. Department of Industrial and Systems Engineering, University at Buffalo, SUNY, United States;3. Lehigh University, United States;4. Department of Computer Science and Information Systems, The University of Jyvaskyla, Finland |
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| Abstract: | We use the panel data of the German Socio-Economic Panel (SOEP) and of the Ukrainian Longitudinal Monitoring Survey (ULMS) to investigate whether risk attitudes have primary (exogenous) determinants that are valid in different stages of economic development and in a different structural context, comparing a mature capitalist economy and a transition economy. We then analyze the stability of the risk measures over time. Between 2007 and 2012 we have the Great Recession, which had a mild impact in the German labor market while it had a more profound impact on the Ukrainian labor market. This enables us to investigate whether and how the crisis impacted on the risk attitudes in the two countries. By focusing on self-employment we also investigate whether the reduced willingness to take risks as a consequence of the Great Recession affects labor market dynamics and outcomes. |
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