We present results from the first large-scale international survey on risk preferences, conducted in 45 countries. We show substantial cross-country differences in risk aversion, loss aversion and probability weighting. Moreover, risk attitudes in our sample depend not only on economic...

"This book provides a comprehensive overview of the emerging field of cultural finance. It summarizes research results of cultural differences in financial decision making and on financial markets. Many of the results have been published in leading academic journals over the last ten years but...

We conducted experiments to elicit risk attitudes and time preferences for 161 participants up to the age of 84 years old. These are compared to their self-reported behavior in daily financial matters. The results show that individual differences in financial behavior are significant in...