Determinants of Financial Risk Tolerance: An Analysis of Psychological Factors
Bibliographic record
Abstract
Financial risk tolerance is a complex process that goes beyond the exclusive use of demographic characteristics. Despite the necessity of developing a comprehensive financial risk tolerance measurement model, the psychological factors that might be important have been long overlooked. The purpose of this paper is to investigate the influence of psychological factors on financial risk tolerance level. The sample (n = 1204) comprises university students from different parts of Malaysia. Significant financial risk tolerance differences are found as a function of gender and race. Students with high financial risk tolerance (FRT) are found to be positively correlated with the propensity for regret, the propensity for trust, the propensity to attribute success to luck, the propensity for overconfidence, and the propensity for social interaction, but not with happiness in life. These findings highlight the importance of individual propensities in assessing the financial risk tolerance level of a person. This study will act as an aid to financial advisors in understanding the behavior and attitudes of their clients.
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How this classification was reachedexpand
Direct model labels (unvalidated)
Per-model category and study-design labels from the labeling rounds. They are machine output, unvalidated, and the disagreement between models ships as data. No study design here is MEDLINE-validated yet.
| Model arm | Categories | Study design | Confidence |
|---|---|---|---|
| gemma | no category Domain: not available · Genre: Empirical About the Canadian research system: no · About a Canadian topic: no | Observational | high |
| gpt | no category Domain: not available · Genre: Empirical About the Canadian research system: no · About a Canadian topic: no | Observational | low |
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.001 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.001 |
| Bibliometrics | 0.002 | 0.004 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.001 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedLabeled directly by 2 models reading the full record.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".