“…To our knowledge, our study is one of the first finding risk aversion for moderate individual health outcomes, 6 with another example being Breyer and Fuchs (1982) who consider gambles over days with a 2-hr headache. Risk aversion for larger individual health outcomes, for example, in the range of 0.5 to 20 years of life, is observed frequently (e.g., Galizzi, Miraldo, Stavropoulou, & van der Pol, 2016, Attema, Brouwer, & L'Haridon, 2013, Attema, Brouwer, L'Haridon, & Pinto, 2016, Van Der Pol & Ruggeri, 2008, Oliver, 2018, albeit these studies used a different methodology (i.e., certainty equivalences). For societal outcomes, studies have, for example, found risk aversion for life years (Eraker & Sox, 1981) or lives (Kemel & Paraschiv, 2018).…”