In this paper we investigate the claim that decisions from experience (in which the features of lotteries are learned through a sampling process) differ from decisions from description (in which features of lotteries are explicitly described). We find that the experience-description gap is not...

This research examines how consumers choose retailers when they are uncertain about store prices prior to shopping. Simulating everyday choice, participants made successive retailer choices where on each occasion they chose a retailer and only then learned product prices. The results of a series...

Many psychology experiments show that individually judged probabilities of the same event can vary depending on the partition of the state space (a framing effect called partition-dependence). We show that these biases transfer to competitive prediction markets in which multiple informed traders...