Two experiments examined the impact on the decoy effect of making salient the possibility of post-decision regret, a manipulation that has been shown in several earlier studies to stimulate critical examination and improvement of decision process. Experiment 1 (N = 62) showed that making regret...

Earlier frameworks have indicated that older adults tend to experience decline in their deliberative decisional capacity, while their affective abilities tend to remain intact (Peters, Hess, Vastfjall, and Auman, 2007). The present study applied this framework to the study of risky...

In most previous studies of verbal probabilities, participants are asked to translate expressions such as possible and not certain into numeric probability values. This probabilistic translation approach can be contrasted with a novel which-outcome (WO) approach that focuses on the outcomes that...

Prior research on self-other differences involving risk have found that individuals make riskier decisions for others than for the self in situations where risk taking is valued. We expand this research by examining whether the direction of self-other differences reverses when risk aversion is...

Interval estimates are commonly used to descriptively communicate the degree of uncertainty in numerical values. Conventionally, low alpha levels (e.g., .05) ensure a high probability of capturing the target value between interval endpoints. Here, we test whether alpha levels and individual...

A study using a high school and college sample (age 18--26) was conducted to validate the Slovak version of the Adult Decision-Making Competence. The results were similar to findings reported by Bruine de Bruin, Parker, and Fischhoff (2007) on the adult population in America. The internal...

Individuals have been shown to adaptively select decision strategies depending on the environment structure. Two experiments extended this research to the group level. Subjects (N = 240) worked either individually or in two-person groups, or dyads, on a multi-attribute paired-comparison task....

Previous studies of loss aversion in decisions under risk have led to mixed results. Losses appear to loom larger than gains in some settings, but not in others. The current paper clarifies these results by highlighting six experimental manipulations that tend to increase the likelihood of the...

The idea of automatic decision making approximating normatively optimal decisions without necessitating much cognitive effort is intriguing. Whereas recent findings support the notion that such fast, automatic processes explain empirical data well, little is known about the conditions under...

In this reply, we reiterate the main point of our 2012 paper, which was that the measure of inequality used by Norton and Ariely (2011) was too difficult for it to yield meaningful results. We describe additional evidence for this conclusion, and we also challenge the conclusion that political...