Willingness to take risk is an important characteristic of entrepreneurship and a crucial factor for economic growth. Data show that compared to their US counterparts, people in Europe, and even more so in Eastern Europe, are less willing to undertake the risk of building their own business. The...

Attitudes toward risk were measures in 240 households using two methods: an interview method eliciting certainty equivalents and an experimental gambling approach with real payoffs which, at their maximum, exceeded monthly incomes of unskilled laborers. The interview method is subject to...