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Higher order risk attitudes: A review of experimental evidence

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  • Trautmann, Stefan T.
  • Kuilen, Gijs van de

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.

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  • Trautmann, Stefan T. & Kuilen, Gijs van de, 2018. "Higher order risk attitudes: A review of experimental evidence," European Economic Review, Elsevier, vol. 103(C), pages 108-124.
  • Handle: RePEc:eee:eecrev:v:103:y:2018:i:c:p:108-124
    DOI: 10.1016/j.euroecorev.2018.01.007
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    Cited by:

    1. Takehito Masuda & Eungik Lee, 2018. "Higher order risk attitudes and prevention under different timings of loss," ISER Discussion Paper 1034, Institute of Social and Economic Research, Osaka University.
    2. Heinrich, Timo & Shachat, Jason, 2018. "The development of risk aversion and prudence in Chinese children and adolescents," MPRA Paper 86456, University Library of Munich, Germany.

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