Miglietta, Salvatore - In: Quarterly Journal of Finance (QJF) 04 (2014) 04, pp. 1450013-1
If risk-averse agents prefer to be wealthier both in absolute terms and relative to their peers (relative wealth concerns), then (1) they prefer positive correlation, and (2) they are averse to negative correlation between their payoffs. A laboratory experiment shows that subjects prefer...