Risk aversion (a second‐order risk preference) is a time‐proven concept in economic models of choice under risk. More recently, the higher order risk preferences of prudence (third‐order) and temperance (fourth‐order) also have been shown to be quite important. While a majority of the...

This paper develops a nonparametric theory of preferences over one's own and others' monetary payoffs. We introduce "more altruistic than" (MAT), a partial ordering over such preferences, and interpret it with known parametric models. We also introduce and illustrate "more generous than" (MGT),...