Previous tests of cumulative prospect theory (CPT) and of the priority heuristic (PH) found evidence contradicting these two models of risky decision making. However, those tests were criticized because they had characteristics that might ``trigger'' use of other heuristics. This paper presents...

I introduce the notion of ``neglect defaulting,'' which labels the propensity to neglect possibilities which are ordinarily sensibly neglected. In familiar contexts we are well-tuned to recognize when to override the default. But outside the range of familiar experience --- here in the...

We perform an experimental investigation using a dictator game in which individuals must make a moral decision --- to give or not to give an amount of money to poor people in the Third World. A questionnaire in which the subjects are asked about the reasons for their decision shows that, at...

According to Siegrist, Earle and Gutscher's (2003) model of risk communication, the effect of advice about risk on an agent's behavior depends on the agent's trust in the competence of the advisor and on their trust in the motives of the advisor. Trust in competence depends on how good the...

Measuring reaction times to number comparisons is thought to reveal a processing stage in elementary numerical cognition linked to internal, imprecise representations of number magnitudes. These intuitive representations of the mental number line have been demonstrated across species and human...

We propose that people weight fluent, or easy to process, information more heavily than disfluent information when making judgments. Cue fluency was manipulated independent of objective cue validity in three studies, the findings from which support our hypothesis. In Experiment 1, participants...

We examined how the goal of a decision task influences the perceived positive, negative valence of the alternatives and thereby the likelihood and direction of framing effects. In Study 1 we manipulated the goal to increase, decrease or maintain the commodity in question and found that when the...

In markets with asymmetric information, only sellers have knowledge about the quality of goods. Sellers may of course make a declaration of the quality, but unless there are sanctions imposed on false declarations or reputations are at stake, such declarations are tantamount to cheap talk....

We report an experiment exploring sequential context effects on strategy choices in one-shot Prisoner's Dilemma (PD) game. Rapoport and Chammah (1965) have shown that some PDs are cooperative and lead to high cooperation rate, whereas others are uncooperative. Participants played very...

We compare experts' judgments of the appropriateness of a treatment (interferon treatment for melanoma) on the basis of important attributes of this disease (thickness, ulceration, lymph node involvement and type of metastases) to a decision analytic model in which the probabilities of...