While much literature has focused on preferences regarding risk, preferences over skewness also have significant economic implications. An important and understudied aspect of skewness preferences is how they affect risk taking. In this paper, we design a novel laboratory experiment that elicits certainty equivalents over lotteries where the variance and skewness of the outcomes are orthogonal to each other. This design enables us to cleanly measure both skewness seeking/avoiding and risk taking behavior, and their interaction, without needing to make parametric assumptions. Our experiment includes both left- and right-skewed lotteries. The results reveal that the majority of subjects are skewness avoiding risk takers who correspondingly also take more risk when facing less skewed lotteries. Our second contribution is to link these choices to individual rank-dependent utility preference parameters estimated using a separate lottery choice protocol. Using a latent-class model, we are able to identify two classes of subjects: skewness avoiders with the classic inverse s-shaped probability weighting function and skewness neutral subjects that do not have an inverse s-shaped probability weighting function. Our results thus demonstrate the link between probability distortion and skewness seeking/avoidance choices. They also highlight the importance of accounting for individual heterogeneity.

虽然许多文献都关注风险偏好，但偏度偏好也具有重要的经济意义。偏度偏好的一个重要且未被充分研究的方面是它们如何影响风险承担。在本文中，我们设计了一个新颖的实验室实验，该实验在结果的方差和偏度相互正交的彩票中得出确定性等价物。这种设计使我们能够清晰地测量偏度寻求/避免和冒险行为及其相互作用，而无需进行参数假设。我们的实验包括左偏和右偏的彩票。结果表明，大多数受试者是偏度避免冒险者，他们在面对偏度较小的彩票时也相应地承担更多风险。我们的第二个贡献是将这些选择与使用单独的彩票选择协议估计的个人等级相关的效用偏好参数联系起来。使用潜在类模型，我们能够识别两类受试者：具有经典的反 s 形概率加权函数的偏度避免者和不具有反 s 形概率加权函数的偏度中性受试者。因此，我们的结果证明了概率失真和偏度寻求/避免选择之间的联系。他们还强调了考虑个体异质性的重要性。具有经典的反 s 形概率加权函数的偏度避免者和不具有反 s 形概率加权函数的偏度中性受试者。因此，我们的结果证明了概率失真和偏度寻求/避免选择之间的联系。他们还强调了考虑个体异质性的重要性。具有经典的反 s 形概率加权函数的偏度避免者和不具有反 s 形概率加权函数的偏度中性受试者。因此，我们的结果证明了概率失真和偏度寻求/避免选择之间的联系。他们还强调了考虑个体异质性的重要性。