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  • 제목 A&A Vol.4 No.1. 2020(March) - Dongho Yeom
    게시판 구분   Find Articles 작성일   2020-03-31 오후 5:02:58
    작성자   관리자 조회   124 회
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    日本家計のリスク選択行動する研究 -所得水準双曲性関係中心-

    A Study on Risk Selection Behavior of Japanese Households: Focusing on the relationship between income level and hyperbolic discount

     

    Yeom Dong-ho

    Hanshin University

     

    Abstract

    This study analyzes the risk selection behavior of Japanese households. The study approaches the view of ‘the hyperbolic discount’ which is used in behavioral economics based on the rise in mortgage lending by low-income households in the late 2000s. The study focuses on how households risk preferences vary by income levels. The study analyzes the relationship of attitude of household interest rate risk using Binomial Logistic and Heckman two-step estimation method assuming that there are only two types of Adjustable-Rate Mortgage and Fixed-Rate Mortgage.

    As a result of the empirical analysis, low-income households annual income tend to have a higher proportion of housing debt as same as higher interest rate risk preferences households in proportion to income growth and interest rate risk preferences. Those results indicate that there is possibility of a hyperbolic discount on low-income households in Japan, and support the hypothesis that low-income households are relatively higher household debt ratio because of high utility due to home purchase in the near future (short-term).

     

    Keywords

    Household Debt, Mortgage, Hyperbolic Discount, ARM(Adjustable-Rate Mortgage),

    FRM(Fixed-Rate Mortgage)


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