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Research ArticleArticle

Depression, Risk Preferences and Risk-taking Behavior

Deborah A. Cobb-Clark, Sarah C. Dahmann and Nathan Kettlewell
Published online before print August 17, 2020, 0419-10183R1; DOI: https://doi.org/10.3368/jhr.58.1.0419-10183R1
Deborah A. Cobb-Clark
1School of Economics, The University of Sydney
3ARC Centre of Excellence for Children and Families over the Life Course
4Institute of Labor Economics (IZA)
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Sarah C. Dahmann
1School of Economics, The University of Sydney
3ARC Centre of Excellence for Children and Families over the Life Course
4Institute of Labor Economics (IZA)
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Nathan Kettlewell
2Economics Discipline Group, University of Technology Sydney
3ARC Centre of Excellence for Children and Families over the Life Course
4Institute of Labor Economics (IZA)
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Abstract

Depression affects the way that people process information and make decisions, including those involving risk and uncertainty. Our objective is to analyze the way that depressive episodes shape risk preferences and risk-taking behaviors. Using large, representative German household data we find no disparity in the behavioral risk preferences of the mentally well vs. depressed; yet depression is related to people’s stated risk preferences and risk-taking behaviors in ways that are context-specific. We develop a conceptual model and show that differences in risk-taking behavior are largely explained by depression-related disparities in behavioral traits such as locus of control, optimism and trust.

Key Words
  • risk preferences
  • depression
  • mental health
  • risk-taking
JEL Codes
  • D91
  • I12
  • D14

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Journal of Human Resources: 58 (5)
Journal of Human Resources
Vol. 58, Issue 5
1 Sep 2023
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Depression, Risk Preferences and Risk-taking Behavior
Deborah A. Cobb-Clark, Sarah C. Dahmann, Nathan Kettlewell
Journal of Human Resources Aug 2020, 0419-10183R1; DOI: 10.3368/jhr.58.1.0419-10183R1

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Depression, Risk Preferences and Risk-taking Behavior
Deborah A. Cobb-Clark, Sarah C. Dahmann, Nathan Kettlewell
Journal of Human Resources Aug 2020, 0419-10183R1; DOI: 10.3368/jhr.58.1.0419-10183R1
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Keywords

  • risk preferences
  • depression
  • Mental Health
  • risk-taking
  • D91
  • I12
  • D14
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