This paper theoretically and experimentally studies decision-making in risky and social environments. We explore the interdependence of individual risk attitudes and social preferences in form of inequality aversion as two decisive behavioral determinants in such contexts. Our model and the data...

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 privately on lotteries that only affect their own pay-off. Yet,...

We analyze gender difference in risk and ambiguity attitude of subjects across two different ethnicities that differ in the degree of female empowerment. Santal is a patriarchal tribe and Khasi is a matrilineal tribe with men and women being the social head in their respective societies. We...