We study the role of risk aversion underlying son preference in patriarchal societies, where sons serve as better insurance for old-age support than daughters. The implications of an insurance motive on son preference are two-fold. First, prior to the birth of their children, more risk-averse...

In the studies of decision making under risk and time, an increasingly important question is whether the utility representations should be the same for both circumstances. This study aims to test the separation between risk preference and time preference in a controlled laboratory setting, where...

We propose a nonparametric revealed preference test to identify heterogeneity in risk preference. Our method is simple and applicable to choice environments with revealed preference features. We further develop two measures of preference heterogeneity at both the individual and group levels, and...