The reflection effect and fourfold pattern of risk attitudes are often thought to be stylized facts about decision making under risk in lab settings. We take a closer look at this received wisdom, using 5 existing data sets from pairwise lottery choice experiments with real monetary incentives....

We use field experiments to examine the temporal stability of risk preferences. Stability can mean that a given subject exhibits the same risk attitudes over time, or that their risk attitudes are a stable function of states of nature that change over time. It is quite possible for risk...