preferences are formed. Data on risk attitudes and risk perceptions were collected in lottery choice experiments. The subjects …In this study, we investigate the changes in risk attitudes and risk perceptions that occur while collective risk … and group decisions, 3) risk attitudes become more risk-loving (and closer to risk neutral) during the process of forming …

extent observed team decisions under risk are actually consistent with the principles of rational choice, specifically the … individuals, teams accumulate significantly more expected value at a significantly lower total risk (measured in SD). We introduce … a team decision algorithm, excess-risk vetoing, that combines simple majority voting with the right to veto alternatives …

We study higher-order risk preferences, i.e. prudence and temperance, next to risk aversion in social settings …. Previous experimental studies have shown that higher-order risk preferences affect the choices of individuals deciding … different social settings under controlled conditions. We elicit higher-order risk preferences of individuals and systematic …

show that people do not save enough. Similarly, in many experiments, results suggest that people are very different in how … comparing group and individual planning under risk and uncertainty. Our study is focussed on investigating how groups perform in … choosing under risk and uncertainty. Results suggest that groups perform better than individuals when planning under risk …

In this paper, we report the results of experiments designed to test whether individuals and groups abide by the axioms … face of risk. The results indicate a significant number of violations of both principles. The violation rate when groups …

One fundamental assumption often made in the literature on unawareness is that risk preferences are invariant to … changes of awareness. We study how exposure to unawareness affects choices under risk. Participants in our experiment choose …

One fundamental assumption often made in the literature on unawareness is that risk preferences are invariant to … changes of awareness. We study how exposure to unawareness affects choices under risk. Participants in our experiment choose …

Experiments on intertemporal consumption typically show that people have difficulties in optimally solving such … long horizons. We present an experiment comparing decision making under certainty, risk, and ambiguity, over a shorter … lifecycle. Results show that behavior in the ambiguity treatment is markedly different than in the risk condition and it is …

This paper presents the first laboratory study of risk-sharing without commitment. Our experiment captures the main … infinite horizon and suffer random income shocks. Risk-averse individuals have incentives to smooth consumption by making … transfers to each other. These transfers being voluntary, only self-enforcing risk-sharing arrangements are possible: transfers …