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    Risk Preference and Employment Contract Type

    Access Status
    Fulltext not available
    Authors
    Brown, S.
    Farrell, L.
    Harris, Mark
    Sessions, J.G.
    Date
    2006
    Type
    Journal Article
    
    Metadata
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    Citation
    Brown, S. and Farrell, L. and Harris, M.N. and Sessions, J.G. 2006. Risk Preference and Employment Contract Type. Journal of the Royal Statistical Society, Series A. 169 (4): pp. 849-863.
    Source Title
    Journal of the Royal Statistical Society, Series A
    DOI
    10.1111/j.1467-985X.2006.00424.x
    ISSN
    0964-1998
    Faculty
    Faculty of Business and Law
    School
    School of Economics, Finance and Property
    URI
    http://hdl.handle.net/20.500.11937/81802
    Collection
    • Curtin Research Publications
    Abstract

    We explore the possibility that a systematic relationship exists between employment within a particular type of contract and risk preference. We exploit a set of proxies for risk preference, whereby some of the proxies capture risk loving behaviour (expenditure on gambling, smoking and alcohol) whereas others capture risk averse behaviour (expenditure on life and contents insurance, and unearned income). The empirical analysis, based on pooled cross-section data from the UK Family Expenditure Survey, 1997-2000, provides evidence of a systematic relationship between employment contract type and risk preference, with, for example, self-employed workers being more or less likely to engage in the consumption of 'risky' or financial security products respectively. The results are based on the ordered generalized extreme value model, a relatively infrequently used discrete choice model, which allows for ordering and correlation in the alternatives observed.

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