An examination of the behavioral effect of repeated terrorist attacks reveals that local residents (of the attacked area) appear to be much less sensitive to this risk than international tourists. Furthermore, the limited sensitivity on the part of local residents seems to diminish with time,...

Recent experimental research suggests that decision makers tend to overweight rare events when responding to a description of the possible outcomes, but tend to underweight low probability events in decisions from experience. The current paper examines whether in an experiential setting...

Economics

Erev, Ert, and Roth organized three choice prediction competitions focused on three related choice tasks: one shot decisions from description (decisions under risk), one shot decisions from experience, and repeated decisions from experience. Each competition was based on two experimental...