EXPLORING THE CONSISTENCY OF HIGHER ORDER RISK PREFERENCES
研究了中国、美国和德国被试的高阶风险偏好及其一致性，发现多数人表现出混合风险厌恶或混合风险寻求的二分模式，且该模式在高赌注和复合彩票框架下更为显著。
Abstract This study measures higher order risk preferences and their consistency. We explore the role of country differences, the variation of stakes, and the framing of lotteries. We observe a robust dichotomous pattern of choice behavior in China, the United States, and Germany. The majority of choices are consistent with mixed risk aversion or mixed risk‐loving behavior. We also find this pattern after a 10‐fold increase in the stakes. Finally, our results reveal that this pattern is strengthened if the lotteries are displayed in compound instead of reduced form. In a follow‐up study, we explore potential explanations for this framing effect.