may destabilize insurance arrangements among the larger group. We therefore consider self-enforcing risk … must itself employ some self-enforcing risk-sharing agreement. We observe that the stability of subgroups is inimical to …) bounded size, a result in sharp contrast to the individual-deviation problem, and that the degree of risk-sharing in a …

Using choices among hypothetical income lotteries from respondents to a large Norwegian survey, we analyse the … impute a risk aversion measure to every respondent and use this to estimate the correlation with observed risky behaviour …. Under the additional assumption of CRRA preferences, the sample average for the coefficient of relative risk aversion is 3 …

second source of noise is present because of payoff risk, which reduces the correlation between expected and realized payoffs …. We manipulate payoff risk using a 2x2 design: payoffs from contest investments are either risky (as in standard contests … safe (as in standard contests) or risky. We find that Nash equilibrium rates go up to 100% when payoff risk is not present …

This paper sets out an ordinal theory of choice under risk that is capable of replicating and extending important … decision problems where attitudes towards risk and correlation play an essential role, we show that characterizing attitudes … towards risk and correlation in terms of an ordinal utility function of decision parameters enables the extension of all …

Willingness to take risk depends on whether the risk affects others as well as oneself and on how the risk affects oneś … apparent whether the unfair safe social outcome benefits them or the other. Subjects are also more risk averse when facing … tendency to avoid social lotteries that impose a risk on the other. An attempt to reconcile those findings with standard models …

for measuring the depth of thinking. In this paper, we find that choices in the 11-20 game are confounded with risk … aversion; hence, the depth of thinking measured is confounded with risk aversion. We also theoretically show that risk aversion … are not correlated with risk aversion …

experiments. Contrary to the traditional view of expected utility theory, the choices can be explained in large part by previous … outcomes experienced during the game. Risk aversion decreases after earlier expectations have been shattered by unfavorable … outcomes or surpassed by favorable outcomes. Our results point to reference-dependent choice theories such as prospect theory …

. We will show that even a risk averter might optimally choose a riskier coin when learning is allowed. We will express …