We investigate what statistical properties drive risk-taking in a large set of observational panel data on online poker games (n=4,450,585). Each observation refers to a choice between a safe "insurance" option and a binary lottery of winning or losing the game. Our setting offers a real-world...

Prospect theory (PT) is the dominant descriptive theory of decision making under risk today. For the modeling of choices, PT relies on a psychologically founded separation of risk attitudes into attitudes towards outcomes, captured in a value function; and attitudes towards probabilities,...

A core prediction of recent "dual-self" models is that a person's risk attitudes depend on her current level of self-control. While these models have received a lot of attention, empirical studies tailored to testing their core prediction are lacking. Using two prominent models, we derive...

Agriculture is a risky business contingent on risks and uncertainty. Without strong technical knowledge, farmers tend to rely heavily on heuristics and subjective judgments to deal with their daily business. It is crucial to understand farmers’ practices to provide suitable supports. This...

With the rise of experimental research in the social sciences, numerous methods to elicit and classify people's risk attitudes in the laboratory have evolved. However, evidence suggests that people's attitudes towards risk may change considerably when measured with different methods. Based on a...

This paper investigates experimentally whether risk attitudes are stable across social contexts. In particular, it focuses on situations where some resource (for instance, a position, decision power, a bonus) has to be allocated between two parties: the decision maker can either opt for sharing...