The Reflection Effect for Higher-Order Risk Preferences
研究发现，不仅二阶风险偏好存在反射效应，高阶风险偏好（如谨慎和节制）在收益和损失领域也呈现相反模式：收益时风险厌恶、谨慎、不节制，损失时风险寻求、不谨慎、节制。
Abstract Higher-order risk preferences are important determinants of economic behavior. We apply insights from behavioral economics: we measure higher-order risk preferences for pure gains and losses. We find a reflection effect not only for second-order risk preferences, as did Kahneman and Tversky (1979), but also for higher-order risk preferences: we find risk aversion, prudence and intemperance for gains and much more risk-loving preferences, imprudence and temperance for losses. These findings are at odds with a universal preference for combining good with bad or good with good, which previous results suggest may underlie higher-order risk preferences.