Prospect Theory around the World

We present results from the rst large-scale international surveyon risk preferences, conducted in 45 countries. We show substantialcross-country dierences in risk aversion, loss aversion and probabilityweighting. Moreover, risk attitudes in our sample depend not only oneconomic conditions, but also on cultural factors, as measured by theHofstede dimensions Individuality and Uncertainty Avoidance. Thepresented data might also serve as an interesting starting point forfurther research in cultural economics.[...]