Fig. 4.

Differences in average perceived risk (in NARROW minus WIDE) by trend and scale presented as $\mathrm{R}\mathrm{E}\mathrm{T}\mathrm{U}\mathrm{R}\mathrm{N}$ charts (left) and $\mathrm{P}\mathrm{R}\mathrm{I}\mathrm{C}\mathrm{E}$ charts (right). This figure depicts differences in average perceived risk (on a scale from 1 = “not risky at all” to 7 = “very risky”) for $\mathrm{R}\mathrm{E}\mathrm{T}\mathrm{U}\mathrm{R}\mathrm{N}$ chart and $\mathrm{P}\mathrm{R}\mathrm{I}\mathrm{C}\mathrm{E}$ chart representations of $\mathrm{L}\mathrm{O}\mathrm{W}$ (left bars in each panel) and $\mathrm{H}\mathrm{I}\mathrm{G}\mathrm{H}$ (right bars in each panel) volatility assets. p-values above the bars are from Fisher-Pitman permutation tests on the subject-demeaned data. Each of the sixteen bars summarizes between 179 and 206 observations