Raiffa (1961) criticizes ambiguity-averse preferences by claiming that hedging is possible with randomization of choices. We argue that the timing of randomization is crucial for hedging. Ex-ante randomizations, which are randomizations before a state is realized, could provide only ex-ante...

We relate an observed difference between single men (SM) and single women (SW) in attitudes towards risk to the higher value assigned to social status by SM than by SW. In the marriage market, low status carries a harsher penalty for SM than for SW because when selecting a partner, the social...

Anxiety is often associated with poor economic outcomes, including earning 13% to 18% less than non-anxious peers. On the other hand, few studies explore how anxiety affects an individual's economic behavior. In part, this is due to a limited focus of clinical research on the impact of...