Models and experiments in decision theory usually use simple risks with only a few possible outcomes. Markus Dertwinkel-Kalt from the University of Münster, Sebastian Ebert from the University of Heidelberg, and Mats Köster from the Central European University investigate the correlation of such simple risks and discuss their relevance for a variety of economic and financial theoretical applications such as testing behavioral economic models, learning from correlated signals, portfolio selection, or even "rational inattention" and "Bayesian persuasion".

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