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, while underweighting persists in actual choices, overweighting is observed in judged probabilities. The results of the two … underweighting of rare events. The current paper extends the results of such contributions and further strengthens the evidence on … underweighting. The first experiment shows that the discrepancy persists even when people sample the entire population of outcomes …
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How does law change society? In the rational actor model, law affects behavior only by changing incentives and information-the command and coordination function of law. Under the view that humans are social animals, law is also a guidepost for social norms that regulate behavior-the expressive...
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-based decisions is significantly different. More specifically, we observe a less pronounced overweighting of small probabilities and a … more pronounced underweighting of moderate and high probabilities for experience-based decisions. On the contrary, for …
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