TY - JOUR T1 - Relative Risk Aversion among the Elderly JF - Review of Financial Economics Y1 - 2004 A1 - Bellante, Don A1 - Green, Carole A. KW - Consumption and Savings KW - Demographics KW - Net Worth and Assets KW - Risk Taking AB - This paper examines portfolio allocation behavior of the elderly, investigating whether their behavior conforms to Arrow's postulate of increasing relative risk aversion. Additionally, the effects on risk aversion of age, race, gender, education, health status, and the number of children are examined. The source of data is the AHEAD data set that is comprised of households with at least one member aged 70 or over. In the preferred specification, evidence supports a finding of modestly decreasing relative risk aversion and statistical significance for the personal characteristics examined. Implications are drawn for the likely security markets effects of an aging population. PB - 13 VL - 13 IS - 3 U4 - Economics of the Elderly/Elderly/Assets/Portfolio Choice/Risk aversion ER -