Adult Education and Risk Attitudes

31 Pages Posted: 11 Oct 2015  

Alberto Chong

Andrew Young School of Policy Studies, Department of Economics; Institute for Corruption Studies

Joan J Martinez

Date Written: October 1, 2015


We provide empirical evidence that supports a causal link from education to risk attitudes when using representative data from surveys and artefactual experiments in Lima, Peru. On the one hand, when using three standard experimental measures of risk attitudes we find that they are positively correlated with years of education. On the other hand, we claim that this relationship is causal by taking advantage of an identification strategy that exploits an exogenous boom in construction of new schools in Lima, which allows us to provide evidence that shows that more education increases risk attitudes.

Keywords: Experiments, surveys, risk attitudes, education, Latin America

JEL Classification: D01, O12

Suggested Citation

Chong, Alberto and Martinez, Joan J, Adult Education and Risk Attitudes (October 1, 2015). Andrew Young School of Policy Studies Research Paper Series No. 15-07. Available at SSRN: or

Alberto Chong (Contact Author)

Andrew Young School of Policy Studies, Department of Economics ( email )

P.O. Box 3992
Atlanta, GA 30302-3992
United States

Institute for Corruption Studies

Stevenson Hall 425
Normal, IL 61790-4200
United States

No contact information is available for Joan J Martinez

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