Contrary to the common belief that more information is always better, Gigerenzer et al.\ (1999) showed that simple decision strategies which rely on little information can be quite successful. The success of simple strategies depends both on bets about the structure of the environment and on the...

We conducted two experiments comparing younger and older adults' ability to adjust their foraging behavior as a function of task characteristics. Participants foraged for fish in a virtual landscape and had to decide when to move between ponds so as to maximize the number of fish caught. In the...

Recently, it has been argued that the evidence in social science research suggests that deceiving subjects in an experiment does not lead to a significant loss of experimental control. Based on this assessment, experimental economists were counseled to lift their de facto prohibition against...

After feedback, peopleãs recollections of judgments they made earlier differ systematically from their actual original judgments: Their recollection judgments are typically closer to the truth than the original judgments have been. It has been proposed that this phenomenon¨the so-called...

Erev, Ert, and Roth organized three choice prediction competitions focused on three related choice tasks: one shot decisions from description (decisions under risk), one shot decisions from experience, and repeated decisions from experience. Each competition was based on two experimental...

Uncertainty pervades most aspects of life. From selecting a new technology to choosing a career, decision makers rarely know in advance the exact outcomes of their decisions. Whereas the consequences of decisions in standard decision theory are explicitly described (the decision from description...

Whether behavior converges toward rational play or fair play in repeated ultimatum games, depends on which player yields first. If responders conceded first by accepting low offers, proposers, would not need to learn to offer more. Play would thus converge toward unequal sharing. If proposers,...

We replicate three pricing tasks of Gneezy, List and Wu (2006) for which they document the so called uncertainty effect, namely that people value a binary lottery over non-monetary outcomes less than other people value the lottery's worse outcome. Unlike the authors who implement a verbal...