In this paper we examine how risk attitudes change with age. We present participants from age 5 to 65 with choices between simple gambles and the expected value of the gambles. The gambles are over both gains and losses, and vary in the probability of the non-zero payoff. Surprisingly, we find...

In this paper we examine how risk attitudes change with age. We present participants from age 5 to 65 with choices between simple gambles and the expected value of the gambles. The gambles are over both gains and losses, and vary in the probability of the non-zero payoff. Surprisingly, we find...

In this paper we examine the extent to which consumption choices by 7 and 11-year-old children and college undergraduates satisfy the axioms of revealed preference. We find that choices by even the 7-year-olds are considerably more likely to obey revealed preference axioms than would be true if...

We examine the development of altruistic and free-riding behavior in 6-12-year-old children. We find that the level of altruistic behavior in children is similar to that of adults but that repetition has a different effect. Younger children's contributions tend to increase in later rounds of the...

We examine the development of altruistic and free-riding behavior in 6-12-year-old children. We find that the level of altruistic behavior in children is similar to that of adults but that repetition has a different effect. Younger children's contributions tend to increase in later rounds of the...