Ambiguity-aversion is a person's rational attitude towards the indeterminacy of the probability that attaches to his future prospects, both favorable and unfavorable. An ambiguity-averse person increases the probability of the unfavorable prospect, which is what criminal defendants typically do...

One problem caused by cycles of choice functions is indecisiveness—decision makers will be paralyzed when they face choice sets with more than two options. We investigate the procedure of “random sampling” where the alternatives are random variables. When comparing any two alternatives,...

We investigate the procedure of "random sampling" where the alternatives are random variables. When comparing any two alternatives, the decision maker samples each of the alternatives once and ranks them according to the comparison between the two realizations. Our main result is that when...