Risk Aversion and Religion

CentER Discussion Paper Series No. 2012-073

20 Pages Posted: 13 Sep 2012

See all articles by Charles N. Noussair

Charles N. Noussair

Tilburg University

Stefan Trautmann

Tilburg University

Gijs van de Kuilen

Tilburg University

Nathanael Vellekoop

University of Toronto; Leibniz Institute for Financial Research SAFE; Netspar

Date Written: September 12, 2012

Abstract

Using a dataset for a demographically representative sample of the Dutch population, containing a revealed preference risk attitude measure, as well as very detailed information about participants’ religious background, we study three issues raised in previous literature. First, we find strong confirmatory evidence that more religious people, as measured by church membership or attendance, are more risk averse. Second, we obtain some evidence that Protestants are more risk averse than Catholics. Third, our data suggest that the link between risk aversion and religion is driven by social aspects of church membership, rather than by religious beliefs themselves.

Keywords: risk aversion, religion, Catholicism, Protestantism

JEL Classification: C91, C93, D81, Z12

Suggested Citation

Noussair, Charles N. and Trautmann, Stefan and van de Kuilen, Gijs and Vellekoop, Nathanael, Risk Aversion and Religion (September 12, 2012). CentER Discussion Paper Series No. 2012-073. Available at SSRN: https://ssrn.com/abstract=2145276 or http://dx.doi.org/10.2139/ssrn.2145276

Charles N. Noussair (Contact Author)

Tilburg University ( email )

P.O. Box 90153
Tilburg, DC Noord-Brabant 5000 LE
Netherlands

Stefan Trautmann

Tilburg University ( email )

P.O. Box 90153
Tilburg, DC Noord-Brabant 5000 LE
Netherlands

Gijs Van de Kuilen

Tilburg University ( email )

P.O. Box 90153
Tilburg, DC Noord-Brabant 5000 LE
Netherlands

Nathanael Vellekoop

University of Toronto ( email )

Max Gluskin House
150 St George st
Toronto, Ontario M5S 3G7
Canada

HOME PAGE: http://www.nvellekoop.nl

Leibniz Institute for Financial Research SAFE ( email )

(http://www.safe-frankfurt.de)
Theodor-W.-Adorno-Platz 3
Frankfurt am Main, 60323
Germany

Netspar ( email )

P.O. Box 90153
Tilburg, 5000 LE
Netherlands

HOME PAGE: http://www.nvellekoop.nl

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