Mobile payments and individual risk preferences
DOI:
https://doi.org/10.54097/f8ggdq06Keywords:
Mobile Payment, Individual Risk Preference, Attention to Financial Information.Abstract
Based on data from the 2015, 2017, and 2019 China Household Finance Survey (CHFS), this paper empirically examines the impact of mobile payment on individual risk preferences using a two-way fixed effects model. The findings indicate that mobile payment significantly enhances individuals' propensity for high-risk preferences. This conclusion remains robust after conducting various tests, including substituting the core variable with online shopping expenditure, restricting the sample to working-age individuals, and employing the Probit model. Heterogeneity analysis reveals significant differences in these promotional effects between urban and rural areas as well as across different regions. Notably, such effects are pronounced in rural areas and central regions but are not observed in urban settings or among eastern and western regions. Mechanism analysis indicates that attention to financial information serves as a positive moderating factor; thus, mobile payment influences risk decision-making through its complementarity with individual cognitive abilities. This study provides an empirical foundation for understanding how digital technology reshapes microeconomic psychology and offers policy implications aimed at enhancing digital financial regulation while strengthening targeted financial literacy education.
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