Prospect Theory: For Risk and Ambiguity, provides a comprehensive and accessible
textbook treatment of the way decisions are made both when we have the statistical …

We show that any decision maker who “narrowly brackets”(evaluates decisions separately)
and does not have constant-absolute-risk-averse preferences will make a first-order …

We present a novel variant of decision making based on the mathematical theory of
separable Hilbert spaces. This mathematical structure captures the effect of superposition of …

Experiments on choice under risk typically involve multiple decisions by individual subjects.
The choice of mechanism for selecting decision (s) for payoff is an essential design feature …

Utility is a key concept in the economics of individual decision-making. However, utility is not
measurable in a straightforward way. As a result, from the very beginning there has been …

An Operational Measure of Riskiness | Journal of Political Economy: Vol 117, No 5 Skip to
main content University of Chicago Press Journals logo University of Chicago Press Journals …

We propose a model of narrow framing in insurance and test it using data from a new
module we designed and fielded in the Health and Retirement Study. We show that …

Experimental evidence suggests that individuals are more risk averse when they perceive
risk that is gradually resolved over time. We address these findings by studying a decision …

The paper gives an introduction to the physics approach to social systems providing the
main definitions and notions used in the modeling of these systems. The behavior of social …

We report on a within-subject experiment, with substantial monetary incentives, designed to
test whether or not people are risk vulnerable. In the experiment, subjects face the standard …