Data Management

Risk Attitudes And Well-being In Latin America

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Executive Summary

A common premise in both the theoretical and policy literatures on development is that people remain poor because they are too impatient to save and too risk averse to take the sort of chances needed to accumulate wealth. The empirical literature, however, suggests that this assumption is far from proven. The authors report on field experiments designed to address many of the issues confounding previous analysis of the links between risk preferences and well-being. Their sample includes more than 3,000 participants who were drawn representatively from six Latin American cities: Bogot?, Buenos Aires, Caracas, Lima, Montevideo and San Jos

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