Due to an error in typesetting, Figures 1-4 and Tables 1-3 were incorrectly labeled as part of this paper in Management Science, Vol. 52, No. 1, January 2006, pp. 111-127. The figures and tables are reprinted correctly below and in the electronic version.

Averaging estimates is an effective way to improve accuracy when combining expert judgments, integrating group members' judgments, or using advice to modify personal judgments. If the estimates of two judges ever fall on different sides of the truth, which we term bracketing, averaging must...

Some environments constrain the information that managers and decision makers can observe. We examine judgment in <i>censored environments</i> where a constraint, the <i>censorship point</i>, systematically distorts the observed sample. Random instances beyond the censorship point are observed at the...

We investigate a basic premise of prospect theory: that the valuation of gains and losses is separable. In prospect theory, gain-loss separability implies that a mixed gamble is valued by summing the valuations of the gain and loss portions of that gamble. Two experimental studies demonstrate a...

When individuals choose among risky alternatives, the psychological weight attached to an outcome may not correspond to the probability of that outcome. In rank-dependent utility theories, including prospect theory, the probability weighting function permits probabilities to be weighted...

Many decision makers operate in dynamic environments in which markets, competitors, and technology change regularly. The ability to detect and respond to these regime shifts is critical for economic success. We conduct three experiments to test how effective individuals are at detecting such...

In most real-world decisions, consequences are tied explicitly to the outcome of events. Previous studies of decision making under uncertainty have indicated that the psychological weight attached to an event, called a decision weight, usually differs from the probability of that event. We...