Time-varying individual risk attitudes over the Great Recession: A comparison of Germany and Ukraine

T.J. Dohmen, H. Lehmann*, N. Pignatti

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review


We use the panel data of the German Socio-Economic Panel (SOEP) and of the Ukrainian Longitudinal Monitoring Survey (ULMS) to investigate whether risk attitudes have primary (exogenous) determinants that are valid in different stages of economic development and in a different structural context, comparing a mature capitalist economy and a transition economy. We then analyze the stability of the risk measures over time. Between 2007 and 2012 we have the Great Recession, which had a mild impact in the German labor market while it had a more profound impact on the Ukrainian labor market. This enables us to investigate whether and how the crisis impacted on the risk attitudes in the two countries. By focusing on self-employment we also investigate whether the reduced willingness to take risks as a consequence of the Great Recession affects labor market dynamics and outcomes.
Original languageEnglish
Pages (from-to)182-200
Number of pages19
JournalJournal of Comparative Economics
Issue number1
Early online date27 Oct 2015
Publication statusPublished - Feb 2016


  • Risk attitudes
  • Great Recession
  • Time variation
  • Labor market outcomes
  • Germany
  • Ukraine

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