Before revision:   The observed reversal in risk attitudes is explainable by a large class of Kozsegi-Rabin (2006) reference-dependent preferences.
After revision:  Survey evidence suggests that this is due to subjects focusing on the maximum possible amount when the risky lottery is the default and on the probability of winning more than the smallest amount when there is no default lottery. The observed reversal in risk attitudes is explainable by a large class of Kozsegi-Rabin (2006) reference-dependent preferences.