Attitudes toward Private and Collective Risks in Individual and Strategic Choice Situations
Idiosyncratic risk attitudes are usually assumed to be commonly known and restricted to own payoffs. However, the alternatives faced by a decision maker often involve risks for others' payoffs as well. Motivated by the importance of other-regarding preferences in social interactions, this paper explores idiosyncratic attitudes toward own and others' risks. We elicit risk attitudes in an experiment involving choices with and without strategic interaction.
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