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Higher order risk attitudes: A review of experimental evidence

Trautmann,Stefan T.
; 
van de Kuilen,Gijs
Abstract
This paper reviews the recent, but fast-growing experimental literature on higher order risk attitudes. After introducing the theoretical context, we first review the basic evidence and empirical moderators of these risk attitudes. We then discuss recent extensions to ambiguity, time risk, and multi-attribute utility. In the last part we review indirect evidence from applied economic decision tasks. (C) 2018 Elsevier B.V. All rights reserved.
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2018-04
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Tilburg University Research Output Collection
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Keywords
UTILITY-FUNCTIONS, DECISION-MAKING, UNCERTAINTY, AMBIGUITY, PRUDENCE, AVERSION, PREFERENCES, SKEWNESS, LOTTERIES, MARKETS
Citation
Trautmann, S T & van de Kuilen, G 2018, 'Higher order risk attitudes : A review of experimental evidence', European Economic Review, vol. 103, pp. 108-124. https://doi.org/10.1016/j.euroecorev.2018.01.007
URI
https://hdl.handle.net/20.500.14602/69719
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