This article studies the ability of servers to predict their own tips. A distinction is made between the two roles of servers with regard to tipping behaviour: the role of expert and the role of manager. As experts, servers understand the relations between several predictors and tip size, and...

We examine two departures of individual perceptions of randomness from probability theory: the hot hand and the gambler's fallacy, and their respective opposites. This paper's first contribution is to use data from the field (individuals playing roulette in a casino) to demonstrate the existence...

The study reports the results of an asset allocation experiment in which subjects managed an endowment of money over a 20 "year" time period. While grounded in theory, the study takes an applied look at the ability of subjects to efficiently and effectively make asset allocation decisions...

Research on decision making under uncertainty demonstrates that intuitive ideas of randomness depart systematically from the laws of chance. Two such departures involving random sequences of events have been documented in the laboratory, the gambler’s fallacy and the hot hand. This study...

The possibility that professional stock analysts could be outperformed by throwing darts at the stock listing page has intrigued stock market enthusiasts for years. In this study, we examine the results from the Wall Street Journal's Investment Dartboard Columns and find that the experts...