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This is Your Portfolio on Winter: Seasonal Affective Disorder and Risk Aversion in Financial Decision MakingLisa A. KramerUniversity of Toronto - Rotman School of Management J. Mark WeberUniversity of Waterloo March 1, 2012 Social Psychological and Personality Science, Vol. 3, No. 2, pp. 193-199 Rotman School of Management Working Paper No. 1885665 Abstract: This study found that people who suffer from seasonal affective disorder (SAD) displayed financial risk aversion that varied across the seasons as a function of seasonally changing affect. The SAD-sufferers had significantly stronger preferences for safe choices during the winter than non-SAD-sufferers, and they did not differ from non-SAD-sufferers during the summer. The effect of SAD on risk aversion in the winter was mediated by depression.
Keywords: decision making, individual differences, seasonal variations, financial risk tolerance, seasonal depression, behavioral economics, economic behavior JEL Classification: C90, D10, G11, H30 Accepted Paper SeriesDate posted: July 21, 2011 ; Last revised: February 13, 2012Suggested CitationContact Information
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