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,...

This paper examines systematically the attitude towards compound lottery by introducing three variants of symmetric uniform mean-preserving spread into stage-1 risk in a choice-based experimental setting. We do not observe consistent aversion to mean-preserving spread in the stage-1 risk. More...

Popular models for decision making under ambiguity assume that people use not one but multiple priors. This paper is a first attempt to experimentally elicit the min and the max of multiple priors directly. In an ambiguous scenario we measure a participant's single prior, her min and max of...