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The Department of Environmental Economics and Management

The Robert H. Smith Faculty
of Agriculture, Food and Environment
The Hebrew University of Jerusalem

Herzl 229, Rehovot 7610001
Fax: 08-9466267

Department Head:
Prof. Ayal Kimhi, Tel: 08-9489376

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Meital Kappach, Tel: 08-9489230


Becker, C. K. ; Ert, E. ; Trautmann, S. T. ; van de Kuilen, G. Experiencing Risk: Higher-Order Risk Attitudes in Description- and Experience-Based Decisions. JOURNAL OF EXPERIMENTAL PSYCHOLOGY-LEARNING MEMORY AND COGNITION 2021, 47, 727-746.Abstract
Risky decisions are often characterized by (a) imprecision about consequences and their likelihoods that can be reduced by information collection, and by (b) unavoidable background risk. This article addresses both aspects by eliciting risk attitude, prudence, and temperance in decisions from description and decisions from experience. The results reveal a novel description-experience gap for prudence and replicate the known gap for risky decisions. While widespread prudence has been observed in decisions form description, we find no evidence of prudent decision making from experience. In decisions from experience people are strongly influenced by the sampled mean, while skewness plays a smaller role than in decisions from description.