Available online 8 April 2023, 102757

We conducted an artefactual field experiment designed to measure the social risk attitudes in a large and demographically representative sample.

Social risk preferences for wealth and health are identified in both the gain and the loss domain.

These attitudes were decomposed into four dimensions: individual risk, collective risk, ex-post inequality, and ex-ante inequality.

A non-parametric analysis suggests that aversion to risk and inequality is the mean preference for outcomes in health and wealth in the domain of gains and losses.

Respondents are averse to collective, but neutral to individual risk, which highlights the importance of considering different components of social risk preferences.

This study reports the results of the first artefactual field experiment designed to measure the prevalence of aversion toward different components of social risks in a large and demographically representative sample. We identify social risk preferences for wealth and health for losses and gains, and decompose these attitudes into four different dimensions: individual risk, collective risk, ex-post inequality, and ex-ante inequality. The results of a non-parametric analysis suggest that aversion to risk and inequality is the mean preference for outcomes in health and wealth in the domain of gains and losses. A parametric decomposition of aversion to risk and inequality shows that respondents are averse to ex-post and ex-ante inequality in health and wealth for gains and losses. Likewise, respondents are averse to collective risk, but neutral to individual risk, which highlights the importance of considering different components of social risk preferences when managing social health and wealth risks.

social risk

inequality

risk aversion

© 2023 The Author(s). Published by Elsevier B.V.