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In this article, the authors propose a new framework for understanding and studying heuristics. The authors posit that heuristics primarily serve the purpose of reducing the effort associated with a task. As such, the authors propose that heuristics can be classified according to a small set of effort-reduction principles. The authors use this framework to(More)
The current experiment examined whether adjusting-amount and adjusting-delay procedures provide equivalent measures of discounting. Pigeons' discounting on the two procedures was compared using a within-subject yoking technique in which the indifference point (number of pellets or time until reinforcement) obtained with one procedure determined the value of(More)
Poor individuals often engage in behaviors, such as excessive borrowing, that reinforce the conditions of poverty. Some explanations for these behaviors focus on personality traits of the poor. Others emphasize environmental factors such as housing or financial access. We instead consider how certain behaviors stem simply from having less. We suggest that(More)
Economic models of decision making assume that people have a stable way of thinking about value. In contrast, psychology has shown that people's preferences are often malleable and influenced by normatively irrelevant contextual features. Whereas economics derives its predictions from the assumption that people navigate a world of scarce resources, recent(More)
Models of cue weighting in judgment have typically focused on how decision-makers weight cues individually. Here, the authors propose that people might recognize and weight groups of cues. They examine how judgments change when decision-makers focus on cues individually or as parts of groups. Several experiments demonstrate that people can spontaneously(More)
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