We study whether math ability affects decision making under risk. Participants where divided in three math skill groups according to their performance in a GRE-like math test. We find no difference in behavior between groups across several risk measuring tasks.

Using the experimental sessions of Goeree and Holt (2005), we show that step thinking fits the long-run outcome of minimum-effort and median-effort games surprisingly well for all values of the cost parameter. In the latter, the predicted discontinuous behaviour of step thinking accommodates the...