We study higher-order risk preferences, i.e. prudence and temperance, next to risk aversion in social settings. Previous experimental studies have shown that higher-order risk preferences affect the choices of individuals deciding privately on lotteries that only affect their own pay-off. Yet,...

In this study we measure higher-order risk preferences and their consistency. We explore the role of country differences, the variation of stakes, and the framing of lotteries. We observe a robust dichotomous pattern of choice behavior in China, in the USA and in Germany. A large majority of...

We study risk-aversion and prudence in medical treatment decisions. In a laboratory experiment, we investigate the frequency and intensity of second- and third-order risk preferences, as well as the effect of the medical decision context. Risk preferences are assessed through treatment...

Theoretical papers show that optimal prevention decisions in the sense of selfprotection (i.e., primary prevention) depend not only on the level of (second-order) risk aversion but also on higher-order risk preferences such as prudence (third-order risk aversion). We study empirically whether...

Viele Menschen neigen dazu, das schlechteste Ergebnis einer Entscheidung zu vermeiden. Das könnte bei einer Corona-Impfung relevant werden. Wann ein Impfstoff gegen das Coronavirus für weite Teile der deutschen Bevölkerung verfügbar sein wird, ist noch offen. Eines zeichnet sich jedoch schon...

We study risk aversion and prudence in medical treatment decisions. In a laboratory experiment, we investigate the frequency and intensity of second- and third-order risk preferences, as well as the effect of the medical decision context. Risk preferences are assessed through treatment...

Higher-order risk attitudes include risk aversion, prudence, and temperance. This paper analyzes the eff ects of such preferences on medical test and treatment decisions, represented either by test and treatment thresholds or - if the test characteristics are endogenous - by the optimal cutoff...

This study experimentally evaluates the risk preferences of children and adolescents living in an urban Chinese environment. We use a simple binary choice task that tests risk aversion, as well as prudence. This is the first test for prudence in children and adolescents. Our results reveal that...

We experimentally study the role of reputation in procurement using two common mechanisms: price-based and buyer-determined auctions. While buyers are bound to buy from the lowest bidder in price-based auctions, they can choose between bidders in buyer-determined auctions. Only in the latter...