This paper examines the predictions of expectations-based reference-dependent models for risk-apportionment tasks that … elicit higher-order risk attitudes. We consider some of the most commonly used specifications of Kőszegi and Rabin (2006 … choice behaviour in the risk-apportionment tasks differs from the ones in alternative models of decision under risk. We …

This paper examines the predictions of expectations-based reference-dependent models for risk-apportionment tasks that … elicit higher-order risk attitudes. We consider some of the most commonly used specifications of Kőszegi and Rabin (2006 … choice behaviour in the risk-apportionment tasks differs from the ones in alternative models of decision under risk. We …

How does risk tolerance vary with stake size? This important question cannot be adequately answered if framing effects …, nonlinear probability weighting, and heterogeneity of preference types are neglected. We show that the increase in relative risk … to gains, no coherent change in relative risk aversion is observed for losses. These results not only challenge expected …

have a salient market price or no market price outside of the experiment. …

Many environment related public goods require investment of time or effort rather than simply money. Yet, most … experiment (N=181) comparing an effort based public goods game (both in gain/loss frame) to a standard (gain/loss) public goods …