What is the relationship between risk attitudes and ambient temperature? Evidence from a large population-based cohort study.

Abstract

Rising temperatures affect human behavior and risk-taking in several domains. However, it is not yet well understood just how ambient temperature shapes risk attitudes. Using data from the large population-based KORA-Fit study (Cooperative Health Research in the Region of Augsburg) of older people (N=2454), we identify a statistically significant, but very small, positive association between short-term ambient temperature changes and individuals' general willingness to take risks. Health-related risk attitudes, however, show no significant relationship with temperature. These findings support a domain-specific view of risk attitudes, with results remaining consistent for vulnerable individuals with the chronic conditions diabetes, hypertension, and asthma. Overall, our findings suggest that risk attitudes are somewhat stable towards changes in ambient temperature.