A vast literature shows that individuals frequently violate normative principles in reasoning. In evaluatingthe relevance of these findings for psychology, economics, and related disciplines, it is natural to askwhether reasoning errors reflect random aberrations or systematic biases. One...

A vast literature shows that individuals frequently fail to identify the normative solutionsin logical reasoning tasks. Much attention has been devoted to the study ofthese deviations at the individual level; less effort was exerted to investigate whetherinstitutional settings might facilitate...

We study the impact of team decision making on market behavior and its consequences for subsequent individual performance in the Wason selection task, the single-most studied reasoning task. We reformulated the task in terms of assets in a market context. Teams of traders learn the task's...

We study the impact of team decision making on market behavior and its consequences for subsequent individual performance in the Wason selection task, the single-most studied reasoning task. We reformulated the task in terms of assets in a market context. Teams of traders learn the task's...

The Recognition Heuristic (Gigerenzer \& Goldstein, 1996; Goldstein \& Gigerenzer, 2002) makes the counter-intuitive prediction that a decision maker utilizing less information may do as well as, or outperform, an idealized decision maker utilizing more information. We lay a theoretical foundation...

We study the impact of team decision making on market behavior and its consequences for subsequent individual performance in the Wason selection task, the single-most studied reasoning task. We reformulated the task in terms of "assets" in a market context. Teams of traders learn the task’s...

The social dilemma paradigm traditionally addresses two types of collective action problems: give-some and take-some resource management dilemmas. We highlight several limitations of this paradigm in addressing more complicated resource management problems where actors both give and/or take...