We obtain rich measurements of risk preferences for 2939 subjects across 30 countries, and use the data to paint a … picture of the distribution of risk preferences across the globe using structural equation models. Reference‐dependence and … those in Western countries, with poorer countries substantially more risk tolerant than rich countries on average. We …

decision making under risk. Both theories incorporate well-known deviations from Expected Utility Maximization such as the … Allais paradox or the fourfold pattern of risk attitudes. Stochastic Expected Utility Theory parsimoniously extends the …