Using paper and pencil experiments administered in senior centers, we examine decision-making performance in multi-attribute decision problems. We differentiate the effects of declining cognitive performance and changing cognitive process on decision-making performance of seniors as they age. We...

Using controlled experiments, we examine how individuals make choices when faced with multiple options. Choice tasks are designed to mimic the selection of health insurance, prescription drug, or retirement savings plans. In our experiment, available options can be objectively ranked, allowing...

Individuals bring effort to a group to achieve a common objective. Group membership introduces a free-riding incentive, reducing effort, as well as a sense of social responsibility, increasing effort. We show experimentally that the free-riding effect is stronger. Group members significantly...

Previous studies have demonstrated that a multitude of options can lead to choice overload, reducing decision quality. Through controlled experiments, we examine sequential choice architectures that enable the choice set to remain large while potentially reducing the effect of choice overload. A...

Previous studies have demonstrated that a multitude of options can lead to choice overload, reducing decision quality. Through controlled experiments, we examine sequential choice architectures that enable the choice set to remain large while potentially reducing the effect of choice overload. A...

We examine in controlled experiments how individuals make choices when faced with multiple options. The choice tasks mimic the selection of health insurance, prescription drug, or retirement savings plans. However, in our experiment, the available options can be objectively ranked. We find that...

Individuals bring effort to a group to achieve a common objective. Group membership introduces a free riding incentive, reducing effort, as well as a social responsibility incentive, increasing effort. This paper shows that the free riding effect is stronger. Individuals significantly reduce...

Using controlled experiments, we examine how individuals make choices when faced with multiple options. Choice tasks are designed to mimic the selection of health insurance, prescription drug, or retirement savings plans. In our experiment, available options can be objectively ranked allowing us...

Using paper and pencil experiments administered in senior centers, we examine decision-making performance in multi-attribute decision problems. We find a significant decline in performance with age due to reduced reliance on common heuristics among our oldest subjects. Subjects in their early...

Our paper provides a procedure to induce imperfect recall in the laboratory, even though in the past it has been claimed that this is difficult to achieve in a controlled environment. To accomplish this task we rely on a technique called divided attention to impair subject recollection of...