Do markets encourage risk-seeking behaviour?
通过实验室实验分离市场互动的影响，发现市场反而降低了参与者的风险承担意愿，这可由负相关风险下的社会比较效用解释。
Excessive risk-taking in markets can have devastating consequences as the latest financial crises have highlighted. In this paper, we ask whether markets as an institution encourages such excessive risk-taking. To establish causality, we isolate the effects of market interaction in a laboratory experiment keeping other possibly confounding factors constant. We find that the opposite is true. Markets decrease participants' willingness to take risks. This finding can be explained by social comparison utility in the presence of negatively correlated risks.