개인 투자자의 위험성향 측정과 활용

The purpose of this study is to develop a new method to measure risk attitudes of individual investors employing the relative measurement of Analytic Hierarchy Process (AHP), which is practically usable for investment consultation. While this method is theoretically sound, it is easily understood by the public without the knowledge of theoretical concepts needed in the existing methods, and also conveniently employed in practice. After deriving the risk attitudes of individuals through the proposed method, we classify them into five different types, suggest practical guidelines of consulting the individual investors by their respective types of risk attitudes, and propose an asset allocation method for them. The validity of the proposed method is empirically checked by comparing the risk attitudes derived by the method with those by other existing methods based on expected utility theory. We also assure that a statistically significant difference among the risk attitudes of individuals exists by demographic characteristics.