Willingness to take risk depends on whether the risk affects others as well as oneself and on how the risk affects oneś … position vis-á-vis others. Taking a bet can improve oneś position relative to others or threaten it. We present an experiment … apparent whether the unfair safe social outcome benefits them or the other. Subjects are also more risk averse when facing …

risk. Furthermore, we determine whether subjects are averse to collective risk - the variability in the sum of payoffs of … the other. The first presentation draws attention to inequality in payoffs, the second to collective risk. We find that … risk changes choice only marginally and not significantly, though in the direction of collective risk reduction. We …

show that risk attitude is strongly affected by social contexts: participants in the experiment seem to be relatively risk …This paper investigates experimentally whether risk attitudes are stable across social contexts. In particular, it … seeking when they possess a relatively weaker position than the other party and risk averse when the opposite is true. Our …

rather than only for themselves or a stranger, their behavior is closer to expected value maximization, exhibiting less risk …

Combining a standard measure of concern about low relative wealth and a standard measure of relative risk aversion … leads to a novel explanation of variation in risk-taking behavior identified and documented by social psychologists and … individual's relative risk aversion decreases when he becomes more relatively deprived as a result of an increase in the average …