Can any prominent theory of decision under risk rationalize both small-stakes risk aversion and large-stakes risk aversion? Do some prominent theories fail to rationalize patterns of same-stakes risk aversion? How do reference payoffs enter in the answer to these questions? What would be the...

This article addresses four “stylized facts†that summarize data from experimental studies of voluntary contributions to the provision of public goods. Theoretical propositions and testable hypotheses for voluntary contributions are derived from two models of social preferences, the...