Risk preferences, preventive behaviour, and the probability of a loss: Empirical evidence from the COVID-19 pandemic

•Individuals' risk-taking preference (RP) is associated with contracting COVID-19.•1-SD higher RP is associated with a 34% higher probability of contracting COVID-19.•The RP is negatively associated with the preventive behaviour of social distancing.•Empirical support for loss prevention as a risk management tool for individuals.