Bruhin, Adrian; Fehr-Duda, Helga; Epper, Thomas - In: Econometrica 78 (2010) 4, pp. 1375-1412
It has long been recognized that there is considerable heterogeneity in individual risk taking behavior, but little is known about the distribution of risk taking types. We present a parsimonious characterization of risk taking behavior by estimating a finite mixture model for three different...