Consistency of Higher Order Risk Preferences
研究了风险厌恶、谨慎（三阶）和节制（四阶）等风险偏好，发现多数人同时具有这些偏好，但少数人没有；提出一种简单彩票偏好类型可解释风险厌恶和风险寻求行为，并通过实验和文献支持这一二分法。
Risk aversion (a second‐order risk preference) is a time‐proven concept in economic models of choice under risk. More recently, the higher order risk preferences of prudence (third‐order) and temperance (fourth‐order) also have been shown to be quite important. While a majority of the population seems to exhibit both risk aversion and these higher order risk preferences, a significant minority does not. We show how both risk‐averse and risk‐loving behaviors might be generated by a simple type of basic lottery preference for either (1) combining “good” outcomes with “bad” ones, or (2) combining “good with good” and “bad with bad, ” respectively. We further show that this dichotomy is fairly robust at explaining higher order risk attitudes in the laboratory. In addition to our own experimental evidence, we take a second look at the extant laboratory experiments that measure higher order risk preferences and we find a fair amount of support for this dichotomy. Our own experiment also is the first to look beyond fourth‐order risk preferences, and we examine risk attitudes at even higher orders.