This study assesses the role of defendant liability in determining whether the plaintiff receives payment, relationship of compensation to economic loss, and stage of dispute resolution. An options pricing model explains how information acquired affects both decisions to drop or continue and...

The possible influence of ambiguity on decisions about probabilities has received considerable attention, with most modeling efforts focusing on the probabilities. In this article, it is argued that effects of ambiguity on decision making often operate via the decision maker's preferences rather...

Observed patterns of lottery play suggest that many players believe they can improve their chance of winning by adjusting their bets according to which numbers have won in recent drawings, or in response to their dreams or other portents. This skill orientation is encouraged by state lottery...

We investigate the relation between judgments of probability and preferences between bets. A series of experiments provides support for the competence hypothesis that people prefer betting on their own judgment over an equiprobable chance event when they consider themselves knowledgeable, but...

This article considers the manner in which people's altruistic concern for other people's safety should be incorporated in willingness-to-pay based values of statistical life and safety. It is shown that, within a utilitarian framework, the traditional prescription that such values should take...