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...

Are difficult decisions best made after a momentary diversion of thought? Previous research addressing this important question has yielded dozens of experiments in which participants were asked to choose the best of several options (e.g., cars or apartments) either after conscious deliberation,...

Positive spreading of ratings or rankings in the classical free-choice paradigm is commonly taken to indicate choice-induced change in preferences and has motivated influential theories as cognitive dissonance theory and self-perception theory. Chen and Risen (2010) argued by means of a...

Inferences about target variables can be achieved by deliberate integration of probabilistic cues or by retrieving similar cue-patterns (exemplars) from memory. In tasks with cue information presented in on-screen displays, rule-based strategies tend to dominate unless the abstraction of...

I describe and discuss the sometimes heated controversy surrounding the recognition heuristic (RH) as a model of inferential decision making. After briefly recapitulating the history of the RH up to its current version, I critically evaluate several specific assumptions and predictions of the RH...

Economist Frank H. Knight (1885--1972) is commonly credited with defining the distinction between decisions under ``risk'' (known chance) and decisions under ``uncertainty'' (unmeasurable probability) in his 1921 book Risk, Uncertainty and Profit. A closer reading of Knight (1921) reveals a host...

Studies using the Ultimatum Game have shown that participants reject unfair offers extended by another person although this incurs a financial cost. Previous research suggests that one possible explanation for this apparently self-defeating response is that unfair offers involve strong negative...

While it is well established that the search for information after a decision is biased toward supporting that decision, the case of preference-supporting search before the decision remains open. Three studies of consumer choices consistently found a complete absence of a pre-choice bias toward...

Previous research has demonstrated that consumers' decisions regarding supplementary pensions could be affected by biases. Bernatzi and Thaler's experiment demonstrated that menu design can influence pension fund enrollment decisions, in that participants appear to adopt a na\"ive heuristic,...

Prior research on self-other differences involving risk have found that individuals make riskier decisions for others than for the self in situations where risk taking is valued. We expand this research by examining whether the direction of self-other differences reverses when risk aversion is...