It is often assumed that disability lowers the marginal utility of income. In this article individuals’ marginal utility of income in two states, (1) paralyzed in both legs from birth and (2) not mobility impaired at all, are measured through experimental choices between imagined lotteries...

We study household decision making in a high-stakes experiment with a random sample of households in rural China. Spouses have to choose between risky lotteries, first separately and then jointly. We find that spouses’ individual risk preferences are more similar the richer the household and...