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    Urbanization and Risk Preference in the People's Republic of China: A Decomposition of the Self-Selection and Assimilation Effects

    Shi, Xiaojun; Yan, Zhu | April 2017
    Abstract
    This paper argues that urbanization reshapes individual's risk preference by exerting self-selection and assimilation effects. Taking advantage of the unique hukou system in the People's Republic of China, we initiate a quasi-experiment method to elicit the two effects, employing the 2013-wave dataset of Chinese General Social Survey (CGSS). We find strong evidence supporting our two-effect theory and the magnitudes of both effects are sizable and near in scale. The assimilation effect reduces the migrant's risk aversion measurement by 0.606 while the self-selection effect reduces it by 0.715, on average. Overall, urbanization improves migrants' risk appetite, and mediated by this improvement, migrants are more likely to get engaged into the economic activities under uncertainty than their rural peers, as indicated by the evidence we have when applying the two-effect theory to investigate how households decide on risky financial asset investment.
    Citation
    Shi, Xiaojun; Yan, Zhu. 2017. Urbanization and Risk Preference in the People's Republic of China: A Decomposition of the Self-Selection and Assimilation Effects. © Asian Development Bank Institute. http://hdl.handle.net/11540/7060.
    Keywords
    Urban Plans
    Urbanism
    Urban agriculture
    Economic Development
    Rural Urban Migration
    Cities
    Project impact
    Development projects
    Program management
    Performance appraisal
    Project appraisal
    Technology assessment
    Urbanization
    Urban Services
    Urban Projects
    Urban Problems
    Urban Poverty
    Urban Policy
    Urban Planning
    Urban Infrastructure
    Urban Health
    Urban Government
    Urban Economic Development
    Urban Development Finance
    Urban Development
    Urban Conditions
    Urban Communities
    Urban Population
    Results-Based Monitoring And Evaluation
    Project Evaluation & Review Technique
    Project Evaluation
    Program Evaluation
    Performance Evaluation
    Operations Evaluation
    Evaluation Methods
    Evaluation
    Local government
    Urban renewal
    Urban housing
    Urban sociology
    Transit systems
    Rapid transit
    Public transit
    Mass transit
    Cumulative effects assessment
    Grievance procedures
    Participatory monitoring and evaluation
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    Citable URI
    http://hdl.handle.net/11540/7060
    Metadata
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    Author
    Shi, Xiaojun
    Yan, Zhu
    Theme
    Urban
    Evaluation
    Labor Migration
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise