Xiaomeng Lu;Yisheng Lu;Yaling Li;

• 1:Survey and Research Center for China Household Finance
• 2: Southwestern University of Finance and Economics
• 3:School of Economics
• 4: Sichuan University

Abstract：

From the perspective of the difference between group and individual risk events, this paper makes a comparative study of the impact of two types of risk event experiences on household consumption behavior and the mechanisms behind it. Based on CHFS nationally representative 5-round unbalanced panel microdata, we conduct a detailed empirical analysis using the PSM-DID method. We find that group risk experience and individual risk experience have entirely different impacts on household consumption behavior. Households experiencing individual risk events exhibit a significant increase in total consumption, particularly in medical expenditure, whereas households experiencing group risk events do not display significant changes in their consumption behavior. Further analysis shows that the lack of sufficient government support and limited social interaction for households experiencing individual risk events are key reasons for the differences in consumption behavior between the two types of households. The heterogeneity analysis indicates that changes in household consumption after risk events vary depending on factors such as household support burdens, government medical security levels, and social characteristics. The conclusion of this paper shows that government relief and social interaction positively affect households' consumption behavior, and the government needs to fully consider the differences between different types of risks when formulating risk treatment measures.

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Foundation: 国家自然科学基金项目“风险经历与中国家庭金融行为研究——基于群体性和个体性的视角”(基金号:72003149)的资助

Authors: Xiaomeng Lu;Yisheng Lu;Yaling Li;

References：

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• (1)如2015年追踪2013年样本率、2017年追踪2015年样本率均达80%,2019年追踪2017年样本达50%。 (2)囿于篇幅,PSM匹配效果留存备索。 (3)囿于篇幅,更详细的样本情况说明留存备索。 (4)本文也对标准化后的总消费、医疗消费和非医疗消费进行了检验,囿于篇幅,结果留存备索。 (5)囿于篇幅,稳健性检验结果留存备索。