This paper studies the use of probabilistic expectations data to predict behavior in incomplete scenarios posed by the researcher. The information that respondents have when replying to questions posing incomplete scenarios is a subset of the information that they would have in actual choice...

In the framework of subjective expected utility theory we develop two distinct procedures for the elicitation of a person's subjective probabilities when the initial endowment is random and unobservable. Procedures of the first kind rely on the boundedness of the utility function to elicit the...

When making many choices, a person can broadly bracket them by assessing the consequences of all of them taken together. or narrowly bracket them by making each choice in isolation. We integrate research conducted in a wide range of decision contexts which shows that choice bracketing is an...

There is now overwhelming experimental evidence that individuals systematically violate the axioms of Expected Utility theory. In reality, however, many economic decisions are taken by, or on behalf of, groups whose members have a joint stake in those decisions. This paper reports on an...

This paper sets forth and offers an explanation for preferences for the form of the timing of resolution of uncertainty: namely for uncertainty to be resolved all at one time rather than sequentially. The explanation is based on a weakening of the independence axiom, in particular on the notion...

This study focuses on the economic consequences of tort reform. In particular, we address two issues. First, we test the relationship between tort reforms and claim severity for an automobile liability incident while controlling for a variety of cost drivers including the presence of no-fault...