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Beck (1994) utilized it to identify risk aversion in laboratory subjects, GLENN W. HARRISON AND E. ELISABET RUTSTRO¨M 54 Fig. 5. Lottery Display of Binswanger Replication by Barr (2003). Risk Aversion in the Laboratory 55 prior to them making group decisions about the dispersion of everyone else’s potential income. This allowed an assessment of the extent to which subjects in the second stage chose more egalitarian outcomes because they were individually averse to risk or because they cared about the distribution of income.

Curvature of the probability weighting function. Management Science, 42, 1676–1690. Yaari, M. E. (1987). The dual theory of choice under risk. Econometrica, 55, 95–115. 1 Lemma. Let functions h : ½0; 1Š ! t. hðpn ; P@n 1 Þa0 for all pn a0; and j : < ! <, be given. If j is unbounded from above then (a) for all n 2 N, there exists 1=hð1=2n ; ð1=21 Þ@n Þ, and P @n n (b) Þjðxn Þ ¼ 1 n2N hð1=2 ; ð1=21 Þ xn 2 N such that jðxn Þ ! 40 JAMES C. COX AND VJOLLCA SADIRAJ Proof. (a) It follows from hð1=2n ; ð1=21 Þ@n Þa0, for all n 2 N, and by definition of a function being unbounded from above.

Oaxaca, R. L. (1996). Is bidding behavior consistent with bidding theory for private value auctions?. In: R. M. ), Research in experimental economics (Vol. 6). Greenwich, CT: JAI Press. Cox, J. , & Sadiraj, V. (2006). Small- and large-stakes risk aversion: Implications of concavity calibration for decision theory. Games and Economic Behavior, 56, 45–60. 38 JAMES C. COX AND VJOLLCA SADIRAJ Cox, J. , & Vogt, B. (2008a). On the empirical relevance of St. Petersburg lotteries. Experimental Economics Center Working Paper 2008—05.

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