How does risk tolerance vary with stake size? This important question cannot be adequately answered if framing effects … coherent change in relative risk aversion is observed for losses. The increase in relative risk aversion over gains cannot be …

We report an experiment where each subject's ambiguity sensitivity is measured by an ambiguity premium, a concept … analogous to and comparable with a risk premium. In our design, some tasks feature known objective risks and others uncertainty … ambiguity premia; and that, on average, ambiguity sensitivity is about as strong as risk sensitivity. …

We report an experiment where each subject's ambiguity sensitivity is measured by an ambiguity premium, a concept … analogous to and comparable with a risk premium. In our design, some tasks feature known objective risks and others uncertainty … ambiguity premia; and that, on average, ambiguity sensitivity is about as strong as risk sensitivity. …

Risk ; Large Losses ; Natural Experiment …This study explores people's risk attitudes after having suffered large real-world losses following a natural disaster … is consistent with prospect theory predictions of the adoption of a risk-seeking attitude after a loss. -- Decision under …

to an ambiguity averse preference for a randomized act. Building on this insight, we implement an experiment whose design …