Barron, Greg; Ursino, Giovanni - In: Journal of Economic Psychology 39 (2013) C, pp. 278-286
Recent research has focused on the “description-experience gap”: while rare events are overweighted in description based decisions, people tend to behave as if they underweight rare events in decisions based on experience. Barron and Erev (2003) and Hertwig, Barron, Weber and Elke (2004)...