We experimentally investigate cooperative behavior in a social dilemma situation, where
the socially efficient outcome may be encouraged by risk aversion and/or inequality aversion.The first part of our experiment is devoted to the elicitation of subjects’ aversion profile, taking care to not confuse the two dimensions. Subjects are then grouped by three according
to their aversion profiles, and interact in a repeated social dilemma game. In this game,
agents are characterised by a social status so that higher the agent’s status, higher will be
her earnings. Cooperation is costly for a majority of agents at each period, but statuses can
be reversed in future periods. We show that cooperation is strongly influenced by the group’s aversion profile. Groups averse in both dimensions cooperate more than groups averse in only
one dimension. Moreover cooperation seems to be more affected by risk aversion, whereas
one might interpret cooperative behavior as an inequality averse or altruistic attitude.