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This paper analyzes the relationship between individuals' attitudes towards risk and their decision to migrate. We consider migration in the United States across metropolitan statistical areas (MSAs) between 1997 and 2015, based on data from the Panel Study of Income Dynamics (PSID). Using random-effects specifications, we find that being relatively more willing to take risks is positively and significantly related to cross-MSA migration. For cross-state migration and migration across larger distances, risk attitudes are slightly more important. A recursive bivariate probit model of simultaneous equations addresses the potential endogenous nature of attitudes towards risk and allows ruling out reverse causality.

This dissertation analyzes the relationship between individuals' attitudes towards risk, migration experience, and migration decisions. For this, we consider migration in the United States across Metropolitan Statistical Areas (MSAs) for the period 1997-2015 based on a panel dataset from the Panel Study of Income Dynamics (PSID). This dataset includes a series of hypothetical-gamble questions to elicit individual risk attitudes.

This dissertation analyzes the relationship between individuals' attitudes towards risk, migration experience, and migration decisions. For this, we consider migration in the United States across Metropolitan Statistical Areas (MSAs) for the period 1997-2015 based on a panel dataset from the Panel Study of Income Dynamics (PSID). This dataset includes a series of hypothetical-gamble questions to elicit individual risk attitudes.