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In 5 experiments, we studied precautionary decisions in which participants decided whether or not to buy insurance with specified cost against an undesirable event with specified probability and cost. We compared the risks taken for precautionary decisions with those taken for equivalent monetary gambles. Fitting these data to Tversky and Kahneman's (1992)(More)
A common view in economics and psychology is that decision agents achieve their choices and express their respective preferences by computing probabilistic properties (probabilities and money) from a decision-making context (e. In this computational processing, the main psychological mechanism requires that decision agents are able to integrate economic(More)
Six experiments studied relative frequency judgment and recall of sequentially presented items drawn from 2 distinct categories (i.e., city and animal). The experiments show that judged frequencies of categories of sequentially encountered stimuli are affected by certain properties of the sequence configuration. We found (a) a first-run effect whereby(More)
When attempting to predict future events, people commonly rely on historical data. One psychological characteristic of judgmental forecasting of time series, established by research, is that when people make forecasts from series, they tend to underestimate future values for upward trends and overestimate them for downward ones, so-called trend-damping(More)
Is it acceptable and moral to sacrifice a few people's lives to save many others? Research on moral dilemmas in psychology, experimental philosophy, and neuropsychology has shown that respondents judge utilitarian personal moral actions (footbridge dilemma) as less appropriate than equivalent utilitarian impersonal moral actions (trolley dilemma).(More)
The present paper tests the widely accepted hypothesis that on-line judgment implies functional independence between memory for, and judgment of, verbal stimuli In the present study, participants recalled lists of words, after having assessed each for its pleasantness. Presentation position of a negative item within the lists was manipulated. Also, items(More)
can completely mimic a multiplicative (" integrative ") model; however, even stability of parameter values over time and across contexts in the different models does not imply correct model identification, as the parameters map onto different psychological variables. Betsch argues and provides evidence for the conceptu-alization of preferences as attitudes,(More)
Financial risky decisions and evaluations pervade many human everyday activities. Scientific research in such decision-making typically explores the influence of socio-economic and cognitive factors on financial behavior. However, very little research has explored the holistic influence of contextual, emotional, and hormonal factors on preferences for risk(More)
A SHORT INTRODUCTION IN BEHAVIORAL ECONOMICS People are faced with numerous decisions every day. Whether we must choose our outfit for the day, which cell phone brand to buy, what college to attend, to buy a car or house insurance, or even when or to whom to get married, decisions are a permanent presence in our daily activities. Behavioral economics is a(More)
Retrospective evaluation (RE) of event sequences is known to be biased in various ways. The present paper presents a series of studies that examined the suggestion that the moments that are the most accessible in memory at the point of RE contribute to these biases. As predicted by this memory-based analysis, Experiment 1 showed that pleasantness ratings of(More)