A primary advantage of experimentation in economics is the ability to induce or manipu-
late payoff structures with specific theoretical predictions. The calculation of optimal
decisions for individuals or game-theoretic predictions for groups, however, requires
assumptions about aspects of preferences that are beyond the direct control of the
experimenter, e.g. other-regarding preferences or risk aversion. Notions of risk and risk
aversion pervade many areas of economics, especially insurance, contract theory, finance,
and business cycle theory (post 2008), and obtaining measures of risk ...
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