Higher order risk attitudes and prevention under different timings of loss
通过实验研究高阶风险态度（尤其是审慎性）对预防行为的影响，发现无论损失发生在未来还是当期，被试的预防努力均低于风险中性水平，这与预期效用理论预测相悖，而概率加权可以解释这一现象。
Abstract This paper provides experimental evidence of the role of higher order risk attitudes—especially prudence—in prevention behavior. Prudence, under an expected utility framework, increases (decreases) self-protection effort compared to the risk neutral level when the risk of losing part of an income exists in a future (the same) period. Motivated by these predictions that give the exact test on prudence, an experiment was designed where subjects go through higher order risk attitude elicitation and make a self-protection decision. In contrast to the expected utility theory, the observed efforts are less than the risk neutral level, regardless of the timing of loss. This violation of expected utility predictions can be explained by probability weighting.