Previous research has shown that many choice biases are attenuated when short-run decisions are reframed to the long run. However, this literature has been limited to description-based choice tasks in which possible outcomes and their probabilities are explicitly specified. A recent literature has emerged showing that many core results found using…

Probability matching is a suboptimal behavior that often plagues human decision-making in simple repeated choice tasks. Despite decades of research, recent studies cannot find agreement on what choice strategies lead to probability matching. We propose a solution, showing that two distinct local choice strategies--which make different demands on…

Decision-making is central to human cognition. Fundamental to every decision is the ability to internally represent the available choices and their relative costs and benefits. The most basic and frequent decisions we make occur as our motor system chooses and executes only those actions that achieve our current goals. Although these interactions…

Do young children have a basic intuition of posterior probability? Do they update their decisions and judgments in the light of new evidence? We hypothesized that they can do so extensionally, by considering and counting the various ways in which an event may or may not occur. The results reported in this paper showed that from the age of five,…