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Strong Evidence for Gender Differences in InvestmentGary CharnessUniversity of California, Santa Barbara - Department of Economics Uri GneezyUniversity of Chicago - Booth School of Business September 18, 2007 Abstract: Are men more willing to take financial risks than women? The answer to this important question is not clear from the existing literature. We propose a novel approach to this issue, in which we both assemble the data from many experiments with thousands of participants in a simple investment game, and also conduct our own experiments. The previous experiments were not designed to investigate a gender difference and were conducted by different researchers in different countries, with different instructions, durations, payments, subject pools, etc. We find a very consistent result that women invest less, and thus appear to be more risk averse than men in their financial investments.
Number of Pages in PDF File: 23 Keywords: Financial risk, gender differences, experiment, risk attitudes JEL Classification: B49, C91, D81, G11, G19, J16 working papers seriesDate posted: January 15, 2005 ; Last revised: June 14, 2010Suggested CitationContact Information
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