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Higher order risk attitudes: A review of experimental evidence

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Cited by:

  1. Arthur E. Attema & Olivier L’Haridon & Gijs Kuilen, 2023. "An experimental investigation of social risk preferences for health," Theory and Decision, Springer, vol. 95(3), pages 379-403, October.
  2. Takehito Masuda & Eungik Lee, 2019. "Higher order risk attitudes and prevention under different timings of loss," Experimental Economics, Springer;Economic Science Association, vol. 22(1), pages 197-215, March.
  3. Douadia Bougherara & Lana Friesen & Céline Nauges, 2021. "Risk Taking with Left- and Right-Skewed Lotteries," Journal of Risk and Uncertainty, Springer, vol. 62(1), pages 89-112, February.
  4. Dertwinkel-Kalt, Markus & Kasinger, Johannes & Schneider, Dmitrij, 2024. "Skewness preferences: Evidence from online poker," Games and Economic Behavior, Elsevier, vol. 147(C), pages 460-484.
  5. Attema, Arthur E. & l’Haridon, Olivier & van de Kuilen, Gijs, 2019. "Measuring multivariate risk preferences in the health domain," Journal of Health Economics, Elsevier, vol. 64(C), pages 15-24.
  6. Bougherara, Douadia & Friesen, Lana & Nauges, Céline, 2022. "Risk-taking and skewness-seeking behavior in a demographically diverse population," Journal of Economic Behavior & Organization, Elsevier, vol. 201(C), pages 83-104.
  7. Mayrhofer, Thomas & Schmitz, Hendrik, 2025. "Prudence and prevention – empirical evidence," Economics Letters, Elsevier, vol. 257(C).
  8. Konstantinos Georgalos & Ivan Paya & David Peel, 2023. "Higher order risk attitudes: new model insights and heterogeneity of preferences," Experimental Economics, Springer;Economic Science Association, vol. 26(1), pages 145-192, March.
  9. Eling, Martin & Ghavibazoo, Omid & Hanewald, Katja, 2021. "Willingness to take financial risks and insurance holdings: A European survey," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 95(C).
  10. Heinzel Christoph & Richard Peter, 2021. "Precautionary motives with multiple instruments," Working Papers SMART 21-09, INRAE UMR SMART.
  11. Bostian, AJ A. & Heinzel, Christoph, 2024. "Precautionary saving under recursive preferences," Journal of Economic Behavior & Organization, Elsevier, vol. 228(C).
  12. Kerstens, Kristiaan & Mazza, Paolo & Ren, Tiantian & Van de Woestyne, Ignace, 2022. "Multi-Time and Multi-Moment Nonparametric Frontier-Based Fund Rating: Proposal and Buy-and-Hold Backtesting Strategy," Omega, Elsevier, vol. 113(C).
  13. Kanchan Joshi & Thiagu Ranganathan & Ram Ranjan, 2021. "Exploring Higher Order Risk Preferences of Farmers in a Water-Scarce Region: Evidence from a Field Experiment in West Bengal, India," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 19(2), pages 317-344, June.
  14. Cary Deck & Rachel J. Huang & Larry Y. Tzeng & Lin Zhao, 2025. "A Simple Approach for Measuring Higher-Order Arrow-Pratt Coefficients of Risk Aversion," Management Science, INFORMS, vol. 71(8), pages 6979-6996, August.
  15. Arthur E. Attema & Jona J. Frasch & Olivier L’Haridon, 2022. "Multivariate risk preferences in the quality‐adjusted life year model," Health Economics, John Wiley & Sons, Ltd., vol. 31(2), pages 382-398, February.
  16. S. Ananda & Raghavendra Prasanna Kumar & Tamanna Dalwai, 2024. "Impact of financial literacy on savings behavior: the moderation role of risk aversion and financial confidence," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(3), pages 843-854, September.
  17. Timo Heinrich & Jason Shachat, 2020. "The development of risk aversion and prudence in Chinese children and adolescents," Journal of Risk and Uncertainty, Springer, vol. 61(3), pages 263-287, December.
  18. Siwar Khelifa, 2020. "Risks and optimal migration duration: The role of higher order risk attitudes," Working Papers 2029, Groupe d'Analyse et de Théorie Economique Lyon St-Etienne (GATE Lyon St-Etienne), Université de Lyon.
  19. Stefan Zeisberger, 2022. "Do people care about loss probabilities?," Journal of Risk and Uncertainty, Springer, vol. 65(2), pages 185-213, October.
  20. Haering, Alexander, 2021. "Framing decisions in experiments on higher-order risk preferences," Ruhr Economic Papers 913, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
  21. Bottasso, Anna & Duchêne, Sébastien & Guerci, Eric & Hanaki, Nobuyuki & Noussair, Charles N., 2022. "Higher order risk attitudes of financial experts," Journal of Behavioral and Experimental Finance, Elsevier, vol. 34(C).
  22. Markus Dertwinkel-Kalt & Mats Köster, 2020. "Salience and Skewness Preferences [Risk-neutral Firms can Extract Unbounded Profits from Consumers with Prospect Theory Preferences]," Journal of the European Economic Association, European Economic Association, vol. 18(5), pages 2057-2107.
  23. Han (H.) Bleichrodt & Paul van Bruggen, 2018. "Reflection for higher order risk preferences," Tinbergen Institute Discussion Papers 18-079/I, Tinbergen Institute.
  24. Michail Anthropelos & Paul Schneider, 2021. "Optimal Investment and Equilibrium Pricing under Ambiguity," Swiss Finance Institute Research Paper Series 21-78, Swiss Finance Institute.
  25. Georgalos, Konstantinos & Paya, Ivan & Peel, David, 2024. "The Kőszegi–Rabin expectations-based model and risk-apportionment tasks for elicitation of higher order risk preferences," Journal of Economic Behavior & Organization, Elsevier, vol. 224(C), pages 749-770.
  26. He, Pan, 2022. "Framing effects on the strength of higher-order risk preferences," Economics Letters, Elsevier, vol. 212(C).
  27. Paul Karehnke & Frans de Roon, 2020. "Spanning Tests for Assets with Option-Like Payoffs: The Case of Hedge Funds," Management Science, INFORMS, vol. 66(12), pages 5969-5989, December.
  28. Ivan Paya & David A. Peel & Konstantinos Georgalos, 2023. "On the predictions of cumulative prospect theory for third and fourth order risk preferences," Theory and Decision, Springer, vol. 95(2), pages 337-359, August.
  29. Schneider, Sebastian O. & Sutter, Matthias, 2020. "Higher Order Risk Preferences: Experimental Measures, Determinants and Related Field Behavior," VfS Annual Conference 2020 (Virtual Conference): Gender Economics 224643, Verein für Socialpolitik / German Economic Association.
  30. Gomez-Gonzalez, Jose Eduardo & Hirs-Garzon, Jorge & Uribe, Jorge M., 2020. "Spillovers beyond the variance: exploring the natural gas and oil higher order risk linkages with the global financial markets," Working papers 46, Red Investigadores de Economía.
  31. Georgalos, Konstantinos & Paya, Ivan & Peel, David A., 2021. "On the contribution of the Markowitz model of utility to explain risky choice in experimental research," Journal of Economic Behavior & Organization, Elsevier, vol. 182(C), pages 527-543.
  32. Fairley, Kim & Sanfey, Alan G., 2020. "The role of demographics on adolescents’ preferences for risk, ambiguity, and prudence," Journal of Economic Behavior & Organization, Elsevier, vol. 179(C), pages 784-796.
  33. Colasante, Annarita & Riccetti, Luca, 2020. "Risk aversion, prudence and temperance: It is a matter of gap between moments," Journal of Behavioral and Experimental Finance, Elsevier, vol. 25(C).
  34. Sebastian Ebert & Paul Karehnke, 2025. "First-Order Prudence and Its Implications for Precautionary Savings and the Risk-Free Rate," Operations Research, INFORMS, vol. 73(6), pages 3156-3172, November.
  35. Irene Mussio & Angela C.M. de Oliveira, 2022. "The effect of additional background risk on mixed risk behavior," Journal of Behavioral Economics for Policy, Society for the Advancement of Behavioral Economics (SABE), vol. 6(S1), pages 85-92, July.
  36. Christoph Heinzel & Richard Peter, 2021. "Precautionary motives with multiple instruments [Motifs de précaution en cas de multiples instruments]," Working Papers hal-03484875, HAL.
  37. van Bruggen, Paul & Laeven, Roger J. A. & van de Kuilen, Gijs, 2024. "Higher-Order Risk Attitudes for Non-Expected Utility," Discussion Paper 2024-019, Tilburg University, Center for Economic Research.
  38. Gandhi, Amit & Samek, Anya & Serrano-Padial, Ricardo, 2025. "Attitudes Toward Uncertain Risks: Evidence from a Representative Survey," Journal of Economic Behavior & Organization, Elsevier, vol. 240(C).
  39. Loubergé, Henri & Malevergne, Yannick & Rey, Béatrice, 2020. "New Results for additive and multiplicative risk apportionment," Journal of Mathematical Economics, Elsevier, vol. 90(C), pages 140-151.
  40. Irene Mussio & Maximiliano Sosa Andrés & Abdul H Kidwai, 2023. "Higher order risk attitudes in the time of COVID-19: an experimental study," Oxford Economic Papers, Oxford University Press, vol. 75(1), pages 163-182.
  41. Do Vu Phuong Anh & Mai Thanh Lan & Bui Quang Tuyen & Ta Huy Hung, 2024. "Does leadership personality affect business risks? New evidence from Vietnamese small and medium-sized enterprises," Risk Management, Palgrave Macmillan, vol. 26(2), pages 1-27, May.
  42. Heinzel, Christoph & Peter, Richard, 2021. "Precautionary motives with multiple instruments," Working Papers 316521, Institut National de la recherche Agronomique (INRA), Departement Sciences Sociales, Agriculture et Alimentation, Espace et Environnement (SAE2).
  43. Christophe Courbage & Richard Peter & Béatrice Rey, 2022. "Incentive and welfare effects of correlated returns," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 89(1), pages 5-34, March.
  44. Morten I. Lau & Hong Il Yoo, 2025. "Structural Estimation of Higher Order Risk Preferences," Econometrica, Econometric Society, vol. 93(5), pages 1855-1883, September.
  45. Tilman H. Drerup & Matthias Wibral & Christian Zimpelmann, 2023. "Skewness expectations and portfolio choice," Experimental Economics, Springer;Economic Science Association, vol. 26(1), pages 107-144, March.
  46. Oberholzer, Yvonne & Olschewski, Sebastian & Scheibehenne, Benjamin, 2024. "Complexity aversion in risky choices and valuations: Moderators and possible causes," Journal of Economic Psychology, Elsevier, vol. 100(C).
  47. Martin G. Kocher, 2025. "Measuring uncertainty preferences: what we know and what we need," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 50(2), pages 119-135, September.
  48. Gomez-Gonzalez, Jose E. & Hirs-Garzon, Jorge & Uribe, Jorge M., 2022. "Spillovers beyond the variance: Exploring the higher order risk linkages between commodity markets and global financial markets," Journal of Commodity Markets, Elsevier, vol. 28(C).
  49. Ivan Paya & David Peel & Konstantinos Georgalos, 2020. "On the Predictions of Cumulative Prospect Theory for Third and Fourth Order Preferences," Working Papers 293574809, Lancaster University Management School, Economics Department.
  50. Brice Corgnet & Roberto Hernán González, 2023. "On The Appeal Of Complexity," Working Papers 2312, Groupe d'Analyse et de Théorie Economique Lyon St-Etienne (GATE Lyon St-Etienne), Université de Lyon.
  51. Gu, Ariel & Yoo, Hong Il, 2025. "Mutual fund performance and flow-performance relationship under ambiguity," Journal of Empirical Finance, Elsevier, vol. 84(C).
  52. Kanchan Joshi & Thiagu Ranganathan, 2024. "Higher-order risk preferences and livelihood choices of farmers from West Bengal, India," Journal of Social and Economic Development, Springer;Institute for Social and Economic Change, vol. 26(3), pages 862-887, December.
  53. Schaap, Robbert-Jan, 2021. "The prevalence of prudence in a risky occupation," Economics Letters, Elsevier, vol. 207(C).
  54. Marielle Brunette & Stéphane Couture & Kene Boun My, 2023. "Are decision-makers sensitive to the source of uncertainty ?," Post-Print hal-04174368, HAL.
  55. Sebastian Ebert, 2021. "Prudent Discounting: Experimental Evidence On Higher Order Time Risk Preferences," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 62(4), pages 1489-1511, November.
  56. Holm, Håkan J. & Samahita, Margaret & van Veldhuizen, Roel & Wengström, Erik, 2025. "Anchoring and subjective belief distributions," Journal of Economic Behavior & Organization, Elsevier, vol. 240(C).
  57. Colasante, Annarita & Riccetti, Luca, 2021. "Financial and non-financial risk attitudes: What does it matter?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 30(C).
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