Examining Risk Preferences under High Monetary Incentives: Experimental Evidence from the People's Republic of China
通过在中国的实验，用高额奖金（最高相当于月收入三倍）测试人们面对彩票时的风险偏好，发现奖金越高人们越谨慎，但即使奖金极高，面对低概率高收益时仍要求远超期望值的补偿。
Several experimental sessions were conducted to elicit certainty equivalents for a sequence of lotteries involving real monetary outcomes. The opportunity to conduct sessions in the People's Republic of China afforded the ability to offer very large monetary incentives relative to subjects' living costs; in the highest payoff condition, subjects earned three times their normal monthly revenue in the course of a two-hour experiment. Results indicate a statistically significant impact of the level of monetary incentives on revealed risk preferences. However, even under extreme monetary incentives, subjects demanded amounts well in excess of expected value for low-probability gain prospects. Copyright 1992 by American Economic Association.