We propose the use of Bayesian estimation of risk preferences of individuals for applications of behavioral welfare … economics to evaluate observed choices that involve risk. Bayesian estimation provides more systematic control of the use of … informative priors over inferences about risk preferences for each individual in a sample. We demonstrate that these methods make …

activities within the household. However, this prediction may not hold in the presence of risk. Using data on farm plots and non …-farm enterprises in Malawi, we examine the impact of risk on the allocation decisions of agricultural households as they allocate labor …

We study risk attitudes, ambiguity attitudes, and time preferences of 661 children and adolescents, aged ten to …) and are less likely to save money. Experimental measures for risk and ambiguity attitudes are only weak predictors of …

located at the bottom of the income distribution, where risk aversion cannot play any role. …

rate contracts in the presence of output risk, and provide novel insights that reference dependent preferences affect the … tradeoff between risk and incentives. Subjects in our experiments choose their compensation for performing a real-effort task … from a menu of linear piece rate and fixed payment combinations. As classical principal-agent models predict, more risk …