Reconsidering Risk Aversion

For financial support, we are grateful to NIH/NIA through grants R21-AG037741 to Cornell University, T32-AG00186 to the NBER, R01-AG020717 to the RAND Corporation, P01-AG026571 and R01-AG040787 to the University of Michigan, R01-AG051903 to UCLA, and R01-AG065364 to Hebrew University. We thank Mike Gideon for helpful early conversations, the RAND Corporation for access to MMIC and associated storage, Fudong Zhang for MATLAB guidance, and Bas Weerman for MMIC guidance. For helpful comments, we thank Zachary Breig, Jamie Druckman, Paul Feldman, João Ferreira, Alexia Gaudeul, Mike Gideon, Ori Heffetz, Eric Johnson, Ben Lockwood, Ted O’Donoghue, David Laibson, Kirby Nielsen, David Plunkett, Matthew Rabin, Daniel Reck, John Rehbeck, Valerie Reyna, Claudia Sahm, William Schulze, Bob Willis, participants at the Cornell Behavioral Economics Lab Meeting; seminar participants at the Consumer Financial Protection Bureau, Harvard University, Stanford University, University of Colorado Boulder, University of Michigan, University of Southern California, University of Texas at Dallas, University of Toronto, University of Warwick, and Yale School of Management; and conference participants at the Bounded Rationality In Economics Conference, China Greater Bay Area Experimental Economics Workshop, NBER Summer Institute, North American Economic Science Association Meeting, Normative Ethics and Welfare Economics Conference, 68° North Conference on Behavioral Economics, and the Stanford Institute for Theoretical Economics. We thank Tanner Bangerter, Shengmao Cao, Regina Chan, Kevin Coughlin, Christian Covington, Samantha Cunningham, Jakina Debnam, Alina Dvorovenko, Dan Golland, Hyun Gu, Hui Dong He, Duk Gyoo Kim, Sunsiree Kosindesha, Raymond Lee, Sichun Liu, Rebecca Royer, Michael West, Nancy Wang, and especially Xing Guo, Jordan Kimball, Derek Lougee, Tuan Nguyen, Yeo Yu (Leo) She, Andrew Sung, Fudong Zhang, and Jiannan Zhou for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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• October 21, 2020