People often behave in ways that are clearly detrimental to their health. We review representative research on unhealthy behaviors within a parsimonious framework, the Hot-Cold Decision Triangle. Through this framework, we describe how when people embrace colder state reasoning — instead of...

The endowment effect – the tendency for owners (potential sellers) to value objects more than potential buyers – is among the most widely studied judgment and decision-making phenomena. However, the current research is the first to explore whether the effect varies across cultures. Given...

This chapter provides a behavioral decision perspective on the implications of intertemporal choice research for retirement savings. In particular, we focus on two cognitive mechanisms explaining how and why future monetary outcomes are discounted: (1) changes in the perception of delayed...

With the ever-increasing number of options from which consumers can choose, many decisions are done in stages. Whether using decision tools to sort, screen, and eliminate options, or intuitively trying to reduce the complexity of a choice, consumers often reach a decision by making sequential,...