A note on coupled lotteries

Abstract

We study the impact of coupling a decision maker’s lottery payoffs to those of a peer on the preferred level of risk by means of a lab experiment. Compared to the benchmark where the lotteries are paid off individually, symmetrically coupled payoffs increase the willingness to take risks, whereas asymmetrically coupled payoffs have the opposite effect. Moreover, subjects with persistent choices in the different conditions behave more risk averse than subjects with non-persistent behavior.

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