Table 4.

Distribution of risk preferences

Parameter	Log risk tolerance	Risk tolerance	Risk aversion
Mean	−1.84 (.03)	.206 (.008)	8.2 (.3)
Median	−1.84 (.03)	.159 (.005)	6.3 (.2)
Mode	−1.84 (.03)	.094 (.004)	3.7 (.2)
Standard deviation	.73 (.04)	.172 (.018)	6.8 (.7)
Fractiles
1	−1.54	.029	1.2
5	−1.32	.048	1.9
10	−1.20	.063	2.5
25	−1.01	.097	3.9
50	−.80	.159	6.3
75	−.59	.259	10.3
90	−.40	.402	16.0
95	−.28	.523	20.8
99	−.07	.858	34.1

NOTE: The values are calculated from the parameter estimates in the third column of Table 3. Asymptotic standard errors approximated with the delta method are given in parentheses.