Observing human behavior in laboratories reveals time and again the undeniable influence of social components, even in the isolation of carefully designed experiments. Clearly, social and cultural constructs shape human cognition. The study of ecological rationality recognizes the importance of...

The goal of behavioral economics is to develop models that extend the explanatory and predictive power of economic theory, to address violations of expected utility theory, and to account more realistically for individual choice behavior that does not adhere to calculative rationality. In...

Book chapter which reviews Reinhard Selten's School of Thought on economic behavior from the perspectives of economic theory and experimentation. We highlight the contrast between these two perspective and how bounded rationality serves the bridge between the two. We make special emphasis on his...

This paper offers a procedure for specifying probabilities for students to select answers on a multiple-choice test that, unlike previous procedures, satisfies all three of the following structural consistency conditions: (1) for any student, the sum over questions of the probabilities that the...

Purpose This study aims to investigate the effect of the COVID-19 pandemic on K-12 education using County level data. Design/methodology/approach The authors use County-level data and charts to look at enrollment, performance in different grade levels, poverty measures, access to internet, etc.,...

Preparing people for dealing with hazards, diseases and disasters requires teaching them statistics, and ideally doing so by means of good representation formats in a dynamic fashion. Translating these dynamics to simple communication is what governments need from scientists.

Nearly a century ago, Frank Knight famously distinguished between risk and uncertainty with respect to the nature of decisions made in a business enterprise. He associated generating economic profit with making entrepreneurial decisions in the face of fundamental uncertainties. This uncertainty...