An intrapersonal externality exists when an individual's decisions affect the outcomes of her future decisions. It can result in decreasing or increasing average returns to the rate of consumption, as occurs in addiction or exercise. Experimentation using the Harvard Game, which models...

Popular culture reflects whatever piques our imagination. Think of the myriad movies and books that take viewers and readers on an imaginary journey to the past or the future (e.g., Gladiator, The Time Machine). Despite the ubiquity of time travel as a theme in cultural expression, the factors...

A type of emergency decision-making which has not received research attention is the police search for a lost person in a rural or wilderness area. For many such incidents, decisions concerning where to search for the lost subject are made by a planning team, each member of which assigns...

We report a preliminary study that compared decisions made in an oxygen depleted environment with those made in a normoxic environment. Participants were presented with a series of choices that involved either losses or gains. For each choice they were forced to choose between a sure thing and a...

Investors, like any decision maker, feel regret when they compare the outcome of an investment with what the outcome would have been had they invested differently. We argue and show that this counterfactual comparison process is most likely to take place when the decision maker's expectations...

Most prior research on the compromise effect has focused on single rather than multiple choices. This research investigates the potential effects of purchase quantity on the compromise effect. We propose that the share of the middle option in a trinary choice set decreases as the purchase...

We employed simple gambles to investigate information processing in relation to the compatibility effect. Subjects should be more likely to engage in a deliberative thinking strategy when completing a pricing task rather than a rating task. We used eye-tracking methodology to measure information...

Decision makers are often ambiguity averse, preferring options with subjectively known probabilities to options with unknown probabilities. The Ellsberg paradox is the best-known example of this phenomenon. Ambiguity has generally been studied in the domain of risky choice, and many theories of...

Dynamic, connectionist models of decision making, such as decision field theory (Roe, Busemeyer, & Townsend, 2001), propose that the effect of context on choice arises from a series of pairwise comparisons between attributes of alternatives across time. As such, they predict that limiting the...

Heuristic decision-making models, like Take-the-best, rely on environmental regularities. They conduct a limited search, and ignore available information, by assuming there is structure in the decision-making environment. Take-the-best relies on at least two regularities: DIMINISHING RETURNS,...