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We examine generational differences in risk-taking behavior by means of a laboratory experiment with monetary … incentives. We estimate the parameterized models in the framework of cumulative prospect theory and examine the risk aversion …, probability weightings and reference point adoption of elderly and young groups. The results of our experiment indicate that the …
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The results of an experiment extending Ellsberg's setup demonstrate that attitudes towards ambiguity and compound …
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in this domain. In contrast, the average participant in our experiment is strikingly close to Bayesian in her belief …
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