Prospect theory, widely used descriptively for decisions under both risk and certainty, presumes concave utility over “gains” and convex utility over “losses”; a pattern widely seen in lottery tasks. Although such gain-loss asymmetry is also widely used to model riskless choices, limited...

In strategic games with a unique mixed strategy equilibrium, players face both an incentive to best-respond to valuations and to act unpredictably. We developed a model of how neural circuitry represents a balance between these two incentives in the course of a decision. Choice is modelled as...

We implement a “Double Decoy” experiment designed to separate two competing accounts of the asymmetric dominance effect in choice behaviour. In our experiment, we place an additional decoy alternative within the range of existing alternatives, therefore a theory which weights attributes by...