The Relationship between Air Quality and Financial Risk Aversion: A View of Hetero‐Geneous Response to Air Pollution
This paper conducts experiments on a sample of subjects from Chengdu and Wuhan, China, who are mostly unconcerned about air pollution. We provide evidence on the relationship between air quality and financial risk aversion by assessing the plausibility of two channels: affects and cognitive ability....
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| Published in | Developing economies Vol. 63; no. 2; pp. 183 - 206 |
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| Main Authors | , , , , , |
| Format | Journal Article |
| Language | English |
| Published |
Kyoto, Japan
Wiley Publishing Asia Pty Ltd
01.06.2025
INSTITUTE OF DEVELOPING ECONOMIES - JETRO |
| Subjects | |
| Online Access | Get full text |
| ISSN | 0012-1533 1746-1049 |
| DOI | 10.1111/deve.12426 |
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| Abstract | This paper conducts experiments on a sample of subjects from Chengdu and Wuhan, China, who are mostly unconcerned about air pollution. We provide evidence on the relationship between air quality and financial risk aversion by assessing the plausibility of two channels: affects and cognitive ability. We find that air pollution increases the financial risk aversion of subjects who are concerned about it by altering their emotional responses. However, the cognitive abilities of our subjects are not affected by air pollution, regardless of whether they are concerned about the pollution or not. Meanwhile, we show that reference dependence effect can explain why most subjects in our sample are not highly concerned about air quality. The results of our study stress the importance of beliefs about the impact of air pollution in determining the relationship between air pollution and human behavior. |
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| AbstractList | This paper conducts experiments on a sample of subjects from Chengdu and Wuhan, China, who are mostly unconcerned about air pollution. We provide evidence on the relationship between air quality and financial risk aversion by assessing the plausibility of two channels: affects and cognitive ability. We find that air pollution increases the financial risk aversion of subjects who are concerned about it by altering their emotional responses. However, the cognitive abilities of our subjects are not affected by air pollution, regardless of whether they are concerned about the pollution or not. Meanwhile, we show that reference dependence effect can explain why most subjects in our sample are not highly concerned about air quality. The results of our study stress the importance of beliefs about the impact of air pollution in determining the relationship between air pollution and human behavior. |
| Author | Cao, Zhicheng You, Yibo Wu, Zhen‐Xing Ma, Xunzhou Liang, Liurong Xue, Cheng |
| Author_xml | – sequence: 1 givenname: Xunzhou orcidid: 0000-0002-9790-465X surname: Ma fullname: Ma, Xunzhou organization: Southwest Minzu University – sequence: 2 givenname: Liurong surname: Liang fullname: Liang, Liurong organization: Southwestern University of Finance and Economics – sequence: 3 givenname: Zhen‐Xing surname: Wu fullname: Wu, Zhen‐Xing organization: Zhongnan University of Economics and Law – sequence: 4 givenname: Zhicheng orcidid: 0000-0002-2639-9318 surname: Cao fullname: Cao, Zhicheng organization: Hunan University – sequence: 5 givenname: Yibo surname: You fullname: You, Yibo organization: Southwest Minzu University – sequence: 6 givenname: Cheng surname: Xue fullname: Xue, Cheng email: xuecheng@zuel.edu.cn organization: Zhongnan University of Economics and Law |
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| Cites_doi | 10.1126/science.3563507 10.3386/w22753 10.1093/ije/dym042 10.1257/000282802762024700 10.1016/j.envint.2003.12.001 10.1016/j.jebo.2020.12.007 10.1016/j.jenvp.2007.10.003 10.1080/00207238208710009 10.1016/j.jfineco.2019.09.003 10.1037/0022‐3514.45.1.20 10.1016/j.joep.2011.01.004 10.1093/rfs/hht004 10.1111/j.1468‐0262.2006.00753.x 10.1287/mnsc.2019.3402 10.1257/aer.104.1.123 10.1037/0022‐3514.36.1.1 10.2307/1914185 10.2747/0272‐3638.20.6.516 10.1037/0022-3514.66.1.56 10.1073/pnas.1809474115 10.1080/00022470.1966.10468467 10.1006/obhd.1996.0038 10.1007/s10683-006-7055-6 10.1257/aer.100.3.1238 10.2307/3033676 10.1037/0022-3514.63.1.119 10.2307/2951719 10.1006/jevp.1995.0029 10.1152/ajplung.00442.2007 10.1016/j.jebo.2012.12.023 |
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| Notes | Our study was supported by the National Social Science Fund of China (Grant no. 21BJL130). We thank Professor Chew Soo Hong (Department of Economics and Department of Finance, National University of Singapore), Wei Huang (Business School, Chinese University of Hong Kong), and Xun Li (Economics and Management School, Wuhan University) for their valuable advice. We thank Professor Jiang Taibi (College of Economics, Southwest Minzu University) for her research assistance. ObjectType-Article-1 SourceType-Scholarly Journals-1 ObjectType-Feature-2 content type line 14 |
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| SubjectTerms | Affects Air pollution Air quality Behavior China Cognitive ability Concern about air quality Emotional responses Financial risk aversion Outdoor air quality Risk Risk assessment Risk aversion |
| Title | The Relationship between Air Quality and Financial Risk Aversion: A View of Hetero‐Geneous Response to Air Pollution |
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