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pattern of risk attitudes described by Kahneman and Tversky. In addition, we document a systematic effect of stake sizes on … the magnitude and sign of the relative risk premium, holding fixed both the probability that a lottery pays off and the … in which all departures from risk-neutral bidding are attributed to an optimal adaptation of bidding behaviour to the …
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People are sometimes risk-averse in gains but risk-loving in losses. Such behavior and other anomalies underlying …
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