We examine whether prior exposure to environments with varying degrees of risk affects individuals' risk-taking behavior. In a laboratory setting, subjects were first exposed to high, moderate, or low-risk environments. We then elicited their risk aversion based on their decisions on an...

This paper is the first to use the WeChat platform, one of the largest social networks, to conduct an online experiment of artificial investment games. We investigate how people's forecasts about the financial market and investment decisions are shaped by whether they can observe others'...