-to-market ratio of low-volatility stocks minus the book-to-market ratio of high-volatility stocks. PVS_t is high when …

-to-market ratio of low-volatility stocks minus the book-to-market ratio of high-volatility stocks. PVSt is high when perceived risk …

-to-market ratio of low-volatility stocks minus the book-to-market ratio of high-volatility stocks. PVSt is high when perceived risk …

uncertainty about future income triggers saving because of loss aversion. We extend their theoretical analysis to also consider … the internal margin, i.e., the strength, of loss aversion, and empirically study the relation between income risk …, experimentally elicited loss aversion and precautionary savings. We do so using a sample of 640 individuals from the low-income …

This paper empirically examines the behavioral precautionary saving hypothesis that uncertainty about future income … empirically study the relation between income risk, experimentally elicited loss aversion, and precautionary savings. We do so … using a sample of 640 individuals from the low-income population of Bogotá, characterized by limited financial education and …