The paper reports the result of an experimental game on asset integration and risk taking. We find evidence that … winnings in earlier rounds affect risk taking in subsequent rounds, but no evidence that real life wealth outside the … experiment affects risk taking. We find some evidence of imitation of the risk taking behavior of others that is distinct from …

incomes fall short of their aspirations. Such people feel propelled to reach their aspirations by taking risk and willing to … aspirations. We find that people whose aspirations exceed their income are less risk-averse and less loss-averse than people whose … incomes exceed their aspirations. We also find that competitive and status-seeking people are less risk-averse than people who …