Gender and Risk Aversion: Evidence from a Natural Experiment

The theoretical literature on risk aversion and Expected Utility Theory is extensive; however, the analysis of this behaviour with natural experiments could be more comprehensive. In paper, we use data from 120 episodes Portuguese version TV game show Price Right, namely Wheel game, to explore as well impact gender in decision-making. has straightforward rules huge expected payoffs. All contestants have access same information distributions uncertainty, making it a unique field laboratory conduct an experimental test rational decision theory. objective infer levels decision-makers their choice turn wheel influence attitudes. There widespread view that women are risk-averse than men. However, not reject hypothesis men level aversion. Nevertheless, evidence risk-seeking. omission bias, loss regret can explain behaviour.