Testing whether risk professionals (here insurers) behave differently under risk and ambiguity when they cover catastrophic risks (floods and earthquakes) and non-catastrophic risks (fires), this paper reports the results of the first field experiment in the United States designed to distinguish...

This article develops a new approach to study the impact on beliefs and decisions of uncertain probability forecasts by advisors. The core concept of that approach, which builds on the revealed-preference approach favored by economists, is the one of revealed beliefs - the precise probability...

In this paper, we build on the emerging literature on group decision-making to study the so-called ‘group shift’ effect, i.e., groups are less risk-averse than individuals. Our study complements past research in two ways. First, we study the group shift effect under two sources of...