An individual's preference for risky alternatives is influenced by the strength of preference he
feels for the consequences and his attitude toward risk taking. Conventional measures of …

A single-attribute utility function models a decision-maker's preferences as revealed by
choices among risky alternatives. A measurable value function models a decision-maker's …

This paper provides empirical evidence that distinguishes between alternative
conceptualizations of the risky decision making process. Two studies investigate whether …

The relative risk aversion measure that represents the risk preferences of a decision maker
depends on the outcome variable that is used as the argument of the utility function, and on …

In many decision problems, the consequences of an action may impact several individuals,
and the decision may be based on the preferences of those who are affected. The rule for …

INTRODUCTION We examine the connection between, and distinction between, decreasing
marginal value (whatever that may mean) and risk aversion (from Pratt, 1964). When a …

This paper estimates individual risk preferences based upon data that are generated by the
same individuals acting in different institutions. The results show that the (estimated) …

This paper examines the consistency of risk preferences across three decision domains
important in most people's lives: work, health and personal finance. We consider the degree …

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 …

We compare and critique two measures of risk perception. We suggest that a single question—
“How risky is the situation?”—captures the concept of risk perception more accurately than …