NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Risk Preferences in Small and Large Stakes: Evidence from Insurance Contract Decisions

Benjamin L. Collier, Daniel Schwartz, Howard C. Kunreuther, Erwann O. Michel-Kerjan

NBER Working Paper No. 23579
Issued in July 2017, Revised in March 2018

---- Acknowledgments ----

We thank Levon Barseghyan, Georges Dionne, Glenn Harrison, Johannes Jasperson, Dylan Small and seminar participants in the National Bureau of Economic Research Insurance Workshop, Risk Theory Society, American Risk and Insurance Association, and Society for Judgment and Decision Making for their guidance and insightful comments. We thank Juan Zhang for her research assistance. This work is partially supported by the Zurich Insurance Foundation, the Center for Risk and Economic Analysis of Terrorism Events (CREATE) at the University of Southern California (U.S. Department of Homeland Security’s Center of Excellence), the Travelers-Wharton Partnership for Risk Management Fund, and the Wharton Risk Management and Decision Processes Center. D. Schwartz was supported by the Complex Engineering Systems Institute (CONICYT – PIA – FB0816; ICM P-05-004-F). 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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