Answers are grounded in this paper and cite their sources.
This study found that people who suffer from seasonal affective disorder (SAD) displayed financial risk aversion that varied across the seasons as a function of seasonally changing affect. The SAD-sufferers had significantly stronger preferences for safe choices during the winter than non-SAD-sufferers, and they did not differ from non-SAD-sufferers during the summer. The effect of SAD on risk aversion in the winter was mediated by depression.
No takes yet. Share an insight, caveat, or question.
Kramer et al. (2011) studied this question.
Synapse has enriched 10 related papers. Consider them for comparative context: