What are the cognitive mechanisms underlying subjective valuations formed on the basis of sequential experiences of an option's possible outcomes? Ashby and Rakow (2014) have proposed a sliding window model (SWIM), according to which people's valuations represent the average of a limited sample of recent experiences (the size of which is estimated…

According to distractor-based response retrieval (Frings, Rothermund, & Wentura, 2007), irrelevant information will be integrated with the response to the relevant stimuli and further, the immediate repetition of irrelevant information can retrieve the previously executed response thereby influencing responding to the current target (leading…

Judging whether multiple events will co-occur is an important aspect of everyday decision making. The underlying probabilities of occurrence are usually unknown and have to be inferred from experience. Using a rigorous, quantitative model comparison, we investigate how people judge the conjunctive probabilities of multiple events to co-occur. In 2…

Individuals can partly recreate the "wisdom of crowds" within their own minds by combining nonredundant estimates they themselves have generated. Herzog and Hertwig (2009) showed that this accuracy gain could be boosted by urging people to actively think differently when generating a 2nd estimate ("dialectical bootstrapping").…

The ability to adjust bias, or preference for an option, allows for great behavioral flexibility. Decision bias is also important for understanding cognition as it can provide useful information about underlying cognitive processes. Previous work suggests that bias can be adjusted in 2 primary ways: by adjusting how the stimulus under…

Although uncertainty is inherent in weather forecasts, explicit numeric uncertainty estimates are rarely included in public forecasts for fear that they will be misunderstood. Of particular concern are situations in which precautionary action is required at low probabilities, often the case with severe events. At present, a categorical weather…

Parallel experiments with rats and pigeons examined reasons for previous findings that in choices with probabilistic delayed reinforcers, rats' choices were affected by the time between trials whereas pigeons' choices were not. In both experiments, the animals chose between a standard alternative and an adjusting alternative. A choice of the…

In 5 experiments, we studied precautionary decisions in which participants decided whether or not to buy insurance with specified cost against an undesirable event with specified probability and cost. We compared the risks taken for precautionary decisions with those taken for equivalent monetary gambles. Fitting these data to Tversky and…

Causal considerations must be relevant for those making decisions. Whether to bring an umbrella or leave it at home depends on the causal consequences of these options. However, most current decision theories do not address causal reasoning. Here, the authors propose a causal model theory of choice based on causal Bayes nets. The critical ideas…

Describes a psychology experiment that investigated the effect of ambiguity on human decision-making behavior. (Available from Behavioral Science, University of Louisville, P.O. Box 1055, Louisville, KY 40201; $3.50 single copy.) (JG)

The studies reported here asked: (a) How does receipt of outcome knowledge affect judgment? (b) How aware are people of the effects that outcome knowledge has on their perceptions? Answers to these questions will shed light on how people do learn and might better learn from history. (Author/RK)

The present report describes an expanded replication of the previous experiments in a nonlaboratory real-play setting unique to the experimental literature on decision processes - a casino in downtown Las Vegas. (Author)

This paper briefly reviews how subjects enhance performance by favoring some stimuli over others. The author calls the mechanism by which this is achieved "expectancy", a generic term including preparatory set, behavioral hypotheses, orienting reflex, and anticipatory goal responses. Temporal and event expectancy are contrasted. Verbal prediction…