How do people cope with tail risk? In a lab experiment that removed informational and incentive confounds, subjects … overwhelmingly behaved like Bayesian learners. The results of simulations further revealed that if one is to survive under tail risk … Bayesian assumption commonly made in prior studies on tail risk and model uncertainty, and they also demonstrate the importance …

models predict both, higher as well as lower levels of risk aversion when taking risk for others, and the experimental … evidence is mixed. In our within-subject design, money managers have substantial responsibility by taking investment decisions … managers invest significantly less for others than for themselves (cautious shift) which is mainly driven by a less risk averse …

We report the results of an experiment on selective exposure to information. A decision maker interested in learning … source even when prior beliefs are strongly unbalanced and this source is less informative. Our experiment suggests that base …

financial decision? A laboratory experiment investigates the way external information is integrated into the decision making … risk of low decision quality. The study links these findings to the debate on consumer empowerment and discusses …