We thank Gilat Levy, two anonymous referees, and a coeditor for useful comments. We gratefully acknowledge support from the National Science Foundation under grant SES-0421852. Ray thanks the London School of Economics, STICERD in particular, for their warm hospitality during the preparation of this revision. 1 A notable exception is a recent experimental literature that compares the quality of decision-making across groups and individuals (e.g., David J. Cooper and John H. Kagel, 2005). 2

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... r's study was based on a questionnaire with 12 hypothetical "life situations," which were originally designed by Michael A. Wallach and Nathan Kogan (1959, 1961) to investigate individual risk-taking propensities. 3 Shifts have also been found in studies using choices between lotteries with monetary prizes-see Davis and Verlin B. Hinsz (1982) and the references therein.