We investigate the relationship between collusive behavior in Bertrand oligopoly experiments and subject heterogeneity in risk preferences. We find that risk aversion is positively associated with tacit collusion when the goods are complements, but find no evidence of collusive behavior when the...

For years, researchers have been puzzled by why so few people purchase fixed, immediate, lifetime annuities for their retirement portfolios. Rational theories have been proposed, but none can fully explain the small size of the actual market. Very recently, academics have turned their attention...