Behavioral economists have done a great service in connecting psychology and economics. Up to now, however, most have focused on cognitive illusions and anomalies, in order to prove the descriptive failure of neoclassical economic models. The key problems in the cognitive illusions literature...

Given free information and unlimited processing power, should decision algorithms use as much information as possible? A formal model of the decision making environment is developed to address this question and provide conditions under which informationally frugal algorithms, without any...

In two studies on mobile phone purchase decisions, we investigated consumers' decision strategies with a newly developed process tracing tool called \textit{InterActive Process Tracing} (IAPT). This tool is a combination of several process tracing techniques (Active Information Search, Mouselab,...

Schelling (1969, 1971a,b, 1978) observed that macro-level patterns do not necessarily reflect micro-level intentions, desires or goals. In his classic model on neighborhood segregation which initiated a large and influential literature, individuals with no desire to be segregated from those who...

In a series of three experiments, participants made inferences about which one of a pair of two objects scored higher on a criterion. The first experiment was designed to contrast the prediction of Probabilistic Mental Model theory (Gigerenzer, Hoffrage, & Kleinbolting, 1991) concerning sampling...