This paper presents two studies on narrow bracketing and myopic loss aversion. The first study shows that the tendency to segregate multiple gambles is eliminated if subjects face a certainty equivalent or a probability equivalent task instead of a binary choice. The second study argues that the...

Response time is used here to interpret choice in decision problems. I first establish that there is a close connection between short response time and choices that are clearly a mistake. I then investigate whether a correlation also exists between response time and behavior that is inconsistent...

In jurisdictions with two or more tiers of criminal courts, some defendants can choose the type of trial court to be tried in. This may involve a trade-off between the probability of acquittal/conviction and the estimated severity of sentence if convicted. For instance, in England and Wales, the...

Doyle's (2013) theoretical survey of discount functions criticizes two parametric families abbreviated as CRDI and CADI families. We show that Doyle's criticisms are based on a mathematical mistake and are incorrect.

In the domain of moral decision making, models in which emotion and deliberation constitute competing dual-systems have become increasingly popular. Currently, the favored explanation of this interaction is what Evans (2008) termed a ``default-interventionist'' (DI) process where moral decisions...

Unstructured interviews are a ubiquitous tool for making screening decisions despite a vast literature suggesting that they have little validity. We sought to establish reasons why people might persist in the illusion that unstructured interviews are valid and what features about them actually...

When a threat looms large in people's minds, they may seek protective measures that could mitigate the negative outcomes associated with this threat. Paradoxically, the possession of such protective measures may, in turn, inspire a sense of safety and reduce the perceived probability of the very...

An insurance policy may not only affect the consequences for victims but also for perpetrators. In six experiments we find that people recommend milder punishments for perpetrators when the victim was insured, although people believe that a sentence should not depend on the victim's insurance...

The phenomenon that prior gains may increase people's willingness to accept risky gambles is named as the "house money effect" (Thaler and Johnson, 1990). Many studies have shown that the "house money effect" is a robust phenomenon but few scholars explain the mechanism of it well. We suppose...

The time-saving bias describes people's tendency to misestimate the time they can save by increasing the speed in which they perform an activity such as driving or completing a task. People typically underestimate time saved when increasing from a low speed and overestimate time saved when...