This study outlines the decision-making process under risk considering the psychological aspects of the decision-maker. The aim is to construct a principle of an optimal decision for an individual decision-maker. The study considers a finite, d iscrete s et o f a cceptable decisions, a set of...

We investigate how the anchoring effect-a well-established cognitive bias-influences the full distribution of subjective beliefs. While prior research extensively examines the impact of anchoring and other biases on point estimates, their effect on higher moments of the distribution remains...