Does decision error decrease with risk aversion?
通过实验发现，风险厌恶程度越高的人越倾向于选择随机占优的彩票，且决策错误随风险厌恶增加而减少。
Abstract There is substantial evidence that risky decision-making involves a stochastic error process. The literature has adopted different approaches to address this issue, however, risk preferences are not uniquely identified by the most popular methods; decision error is not predicted to monotonically decrease with risk aversion. This paper reports the results of an experiment that elicits risk preferences to identify risk averse individuals and evaluates the frequency the stochastically dominant of two lotteries is chosen. Risk averse subjects exhibit a strong preference for dominant lotteries. More importantly, violations are consistent with stochastic decision error that decreases with risk aversion.