temperance. Our theoretical approach is to define risk compensations of different orders, and in an experiment we elicit these …Risk aversion — but also the higher-order risk preferences of prudence and temperance — are fundamental concepts in the … study of economic decision making. We propose a method to jointly measure the intensity of risk aversion, prudence, and …

This study attempts to combine two traditional fields in microeconomics: individual decision making under risk and … decision making in an interpersonal context. The influence of social comparison on risky choices is explored in an experiment … referent so strategic behavior or social preferences can play no role. We find that decision makers are more risk-averse in the …

. We check our theoretical predictions through a 10-task laboratory experiment. In (unambiguous) tasks 1-5, we elicit risk …% of classified subjects behave according to the KMM model in all tasks 6-10, independent of their degree of risk aversion … unknown treatment, with only the latter difference being significant. Finally, highly-risk-averse subjects are more prone to …