This article examines the statistical determinants of risk preference. In a meta-analysis of animal risk preference (foraging birds and insects), the coefficient of variation (CV), a measure of risk per unit of return, predicts choices far better than outcome variance, the risk measure of normative models. In a meta-analysis of human risk…

Judgments under uncertainty are often mediated by intuitive heuristics that are not bound by the conjunction rule of probability. Representativeness and availability heuristics can make a conjunction appear more probable than one of its constituents. Alternative interpretations of this conjunction fallacy are discussed and attempts to combat it…

Several norms for how people should assess a question's usefulness have been proposed, notably Bayesian diagnosticity, information gain (mutual information), Kullback-Liebler distance, probability gain (error minimization), and impact (absolute change). Several probabilistic models of previous experiments on categorization, covariation assessment,…

This article explores the potential of Bayesian inference as a theoretical framework for describing how people evaluate hypotheses. First, it identifies a set of logically possible forms of non-Bayesian behavior. Second, it reviews existing research in a variety of areas to see whether these possibilities are ever realized. (Author/BW)