Haering, AlexanderAlexanderHaeringHeinrich, TimoTimoHeinrichMayrhofer, ThomasThomasMayrhofer2021-03-092021-03-092019-10-07International Economic Review 61 (1): 283-320 (2020-02)http://hdl.handle.net/11420/9068This study measures higher order risk preferences and their consistency. We explore the role of country differences, the variation of stakes, and the framing of lotteries. We observe a robust dichotomous pattern of choice behavior in China, the United States, and Germany. The majority of choices are consistent with mixed risk aversion or mixed risk-loving behavior. We also find this pattern after a 10-fold increase in the stakes. Finally, our results reveal that this pattern is strengthened if the lotteries are displayed in compound instead of reduced form. In a follow-up study, we explore potential explanations for this framing effect.en1468-235420191283320Wiley-Blackwellhttp://rightsstatements.org/vocab/InC/1.0/WirtschaftJournal Article10.15480/882.466510.1111/iere.1242410.15480/882.4665Journal Article