This is Your Portfolio on Winter: Seasonal Affective Disorder and Risk Aversion in Financial Decision Making
Lisa A. Kramer
University of Toronto - Rotman School of Management
J. Mark Weber
University 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
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, H30Accepted Paper Series
Date posted: July 21, 2011 ; Last revised: February 13, 2012
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