The authors thank department editor Yuval Rottenstreich, one anonymous associate editor, three anonymous reviewers, Thomas Åstebro, Aurélien Baillon, Emmanuel Kemel, Chen Li, and Peter Wakker for comments on earlier versions of this paper. This research also benefited from comments and suggestions made by seminar participants at the Australian National University, Bocconi University, the Chinese University of Hong Kong, the Experimental Organization Science, Institut d’Économie Scientifique Et de Gestion (IESEG), the University of Alicante, and Universidad Carlos III; workshop participants at the Behavioural Economics Workshop at Birmingham University; and conference participants at the Academy of Management, and the Foundations of Utility and Risk conferences.