We design and implement a novel experimental test of subjective expected utility theory and its generalizations. Our … function, but not with subjective utility theory. The theory is tested by gauging how subjects respond to price changes. A … majority of subjects respond to price changes in the direction predicted by the theory, but not to a degree that makes them …

to misspecification, and ultimately leads to post-decision disappointment. Using statistical decision theory, we develop … the model’s implications for optimal decision-making. This practice ignores model ambiguity, exposes the decision problem … a framework to explore, evaluate, and optimize robust decision rules that explicitly account for estimation uncertainty …

We propose a class of multiple-prior representations of preferences under ambiguity where the belief the decision …

We test the effects of dual processing differences in both individual traits and decision states on risk taking. In an … experiment with a large representative sample (N = 1,832), we vary whether risky choices are induced to be based on either … emotion or reason, while simultaneously measuring individual decision-making traits. Our results show that decision …

As technology-assisted decision-making is becoming more widespread, it is important to understand how the algorithmic … nature of the decisionmaker affects how decisions are perceived by the affected people. We use a laboratory experiment to … study the preference for human or algorithmic decision makers in re-distributive decisions. In particular, we consider …

choices being observed, compared to anonymity of choices, on risk taking in a laboratory experiment. I relate participants …' investments in a risky asset directly to social norms for risk taking that are elicited in an incentivized procedure. I find that … risk taking is not affected by the choice being observed by a matched participant. Nor do investments follow elicited norms …

We propose a new measure of deviations from expected utility, given data on economic choices under risk and uncertainty … deviation (in beliefs, utility, or perceived prices) is within e of expected utility theory. The number e can then be used as a … distance to the theory. We apply our methodology to three recent large-scale experiments. Many subjects in those experiments …

Time pressure is a central aspect of economic decision making nowadays. It is therefore natural to ask how time … to cope with time pressure varies significantly across decision makers, leading to selected subgroups that differ in … jointly predict individuals' decision quality and ability to keep their decision strategy under time pressure. …