In this study, respondents from the P.R.C., U.S.A., Germany, and Poland were found to differ in risk preference, as … measured by buying prices for risky financial options. Chinese respondents were significantly less risk-averse in their pricing … than Americans when risk preference was assessed in the traditional expected-utility framework. However, these apparent …

The economic theory of decision making under risk has seen remarkable advances over the 50 years since Pratt’s (1964 …) characterization of risk aversion under expected utility. We review developments in three key areas to which Louis Eeckhoudt has made … significant contributions: (1) increases in risk and risk taking; (2) self-protection and risk aversion; and (3) higher (and lower …