## Risk Aversion in ExperimentsG.W. Harrison, James C. CoxPh.D. This series presents research utilizing laboratory experimental methods in economics. A distinction between this book series and traditional journals is that the book series format allows for papers and features that might not be appropriate for journals. Some examples which have been included in this series are: papers with complete presentation of experimental instructions and data, papers which report replication and robustness results, methodological papers, and theoretical papers motivated specifically by experimentation. The series currently consists of two different types of volumes. Some volumes are open-submission covering all topics. The papers in these volumes are reviewed externally. The other volumes, recently undertaken and with Prof. Charles Holt as a co-editor, are focused on a single, broad research topic with papers solicited and reviewed by the co-editors. |

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### Contents

an introduction | 1 |

Theory and experiment | 9 |

Chapter 3 Risk Aversion in the Laboratory | 41 |

a critical primer and econometric comparison | 197 |

Chapter 5 Measuring risk aversion and the wealth effect | 293 |

Evidence from an economic experiment | 315 |

Chapter 7 Risk aversion in laboratory asset markets | 341 |

Chapter 8 Risk aversion in game shows | 359 |

Chapter 9 Further reflections on the reflection effect | 405 |

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### Common terms and phrases

asset assume behavior Camerer CARA choice probabilities choose common ratio concavity conﬁdence interval context contextual utility cumulative prospect theory decision task decision theories deﬁned distribution domain earnings Econometrica effect elicitation estimates evaluation expected utility theory expected value Experimental Economics experiments ﬁeld ﬁnal ﬁnd ﬁrst ﬁt ﬁve gains and losses heterogeneity Hey and Orme Holt and Laury hypothetical payoffs implies incentive income individual inferences Kahneman laboratory latent likelihood function loss aversion lottery choice money transformation function observed option outcomes p-value parameter Petersburg paradox portfolio predictions preference equivalence set prizes probability weighting procedure random RDEU reference point reﬂection relative risk aversion risk attitudes risk aversion risk neutral risk preferences risky round RP model Sadiraj safe choices sample speciﬁcation spread triples stakes stochastic models strict utility strong utility structure subjects Sugden switch Table Tversky utility function utility models variable vector weighting function