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We report a study of the effects the choice set on financial decision making related to retirement savings and risky investment. The participants were presented with either a full range of choice options or a limited subset of the feasible options. The choices of saving and risk are affected by the position of each option in the range of presented options.(More)
We report an experiment exploring sequential context effects on strategy choices in one-shot Prisoner's Dilemma (PD) game. Rapoport and Chammah (1965) have shown that some PDs are cooperative and lead to high cooperation rate, whereas others are uncooperative. Participants played very cooperative and very uncooperative games, against anonymous partners. The(More)
Adaptive success in social animals depends on an ability to infer the likely actions of others. Little is known about the neural computations that underlie this capacity. Here, we show that the brain models the values and choices of others even when these values are currently irrelevant. These modeled choices use the same computations that underlie our own(More)
How do people choose between options? At one extreme, the 'value-first' view is that the brain computes the value of different options and simply favours options with higher values. An intermediate position, taken by many psychological models of judgment and decision making, is that values are computed but that the resulting choices depend heavily on the(More)
Estimating the financial value of pain informs issues as diverse as the market price of analgesics, the cost-effectiveness of clinical treatments, compensation for injury, and the response to public hazards. Such valuations are assumed to reflect a stable trade-off between relief of discomfort and money. Here, using an auction-based health-market(More)
The tendency to make unhealthy choices is hypothesized to be related to an individual's temporal discount rate, the theoretical rate at which they devalue delayed rewards. Furthermore, a particular form of temporal discounting, hyperbolic discounting, has been proposed to explain why unhealthy behavior can occur despite healthy intentions. We examine these(More)
The valuation of health-related states, including pain, is a critical issue in clinical practice, health economics, and pain neuroscience. Surprisingly the monetary value people associate with pain is highly context-dependent, with participants willing to pay more to avoid medium-level pain when presented in a context of low-intensity, rather than(More)
Existing models of strategic decision making typically assume that only the attributes of the currently played game need be considered when reaching a decision. The results presented in this article demonstrate that the so-called "co-operativeness" of the previously played prisoner's dilemma games influence choices and predictions in the current prisoner's(More)
Theories of choice in economics typically assume that interacting agents act individualistically and maximize their own utility. Specifically, game theory proposes that rational players should defect in one-shot prisoners' dilemmas (PD). Defection also appears to be the inevitable outcome for agents who learn by reinforcement of past choices, because(More)
Movies, vacations, and meals are all examples of events composed of a sequence of smaller events. How do we go from our evaluations of each scene in a movie to an evaluation of the sequence as a whole? In theory, we should simply average the values of the individual events. In practice, however, we are biased towards sequences where each element tends to be(More)