Strong Evidence for Gender Differences in Investment
University of California, Santa Barbara - Department of Economics
University of California, San Diego (UCSD) - Rady School of Management
September 18, 2007
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
Date posted: January 15, 2005 ; Last revised: June 14, 2010
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