The Influence Of Self-Control And Risk Preference To Inter-Temporal Investment Decision

In our daily life,we need to make a variety of decisions,among which inter-temporal decision-making is very common.People need to weigh the rights and costs of future time points,and then make judgments and choices.The implementation of this decision-making process needs to pay the current vested interests.The level of self-control plays an important role in the inter-temporal decision-making process.Thaler(1981),a behavioral economist,put forward the planner-doer model,which holds that the short-sighted doer only evaluates the current utility,while the far-sighted planner pays more attention to the lifetime and long-term utility,and different individuals show different levels of self-control,thus affecting the intertemporal investment decisions.In addition to the influence of self-control level,investors' investment decisions and inter-temporal investment decisions are also affected by individuals' risk perception.This study adds risk preference factors to explore.Research methods: based on the inter-temporal investment life insurance products,for example,using the questionnaire,collecting 216 copy of the bank customer questionnaire,of the survey data by IBM spss24.0 descriptive statistics,correlation analysis,hierarchical regression analysis and the mediation effect test,in order to investigate self-control ability and risk preference and demographic variables how to affect the inter-temporal investment decisions.The results show that :(1)Self-control is significantly positively correlated with intertemporal investment decisions(r=0.538,p<0.01).Risk preference is negatively correlated with inter-temporal investment decision(r=-0.335,p<0.01).Self-control is negatively correlated with risk appetite(r=-0.281,p<0.01).(2)Gender,annual income and educational background in self-control,risk preference and demographic variables can predict intertemporal investment decisions to some extent.Logit(p)=-0.852-0.182×X1-0.158×X2+0.142×X3+0.457×X4+0.187×X5.(3)Risk preference has a significant mediating effect on selfcontrol and inter-temporal investment decision,and the mediating effect accounts for 0.469×0.332/0.538=28.94%.Research conclusion: the higher the level of self-control,the more accept of the intertemporal investment decision,the more tendency to buy insurance;High-risk preference refers to the investors who seek for risks are more receptive to inter-temporal investment decisions and more inclined to buy insurance.Self-control can indirectly affect inter-temporal investment decisions through risk preference.High self-control affects investors' riskpreference at a low level,and the degree of insurance purchase is relatively high in intertemporal investment decisions.Women,low education and high income investors have higher levels of inter-temporal investment and are more inclined to buy insurance.