consumption have direct utility-consequences. This gives rise to informational preferences, i.e., preferences over the timing and …

decisions. In this challenge, they confront two questions: what decision theory to follow and how to implement it in AI systems …. This paper provides answers to these questions and makes three contributions. The first is to discuss how economic decision … theory - Expected Utility Theory (EUT) - can help AI systems with utility functions to deal with the problem of instrumental …

This paper examines the effects of alternative assumptions regarding the curvature of utility upon estimated discount … the Holt and Laury method for risk. The results demonstrate that utility elicited directly from choice over time is … significantly concave, but far closer to linear than utility elicited under risk. As a result, the effect of adjusting discount …

The psychological basis for rank-dependent probability weighting, and for an inverse-S probability weighting function … optimism/pessimism over probability distributions and for loss averse/gain loving stochastic reference dependence. I give …

incorporating (the level of) absolute wealth in the individual's utility function. …

In a simple conceptual framework, we organize a multitude of phenomena related to the (mis)prediction of utility …

anchoring phenomenon in financial decision-making. We find that contestants anchor heavily on the initial dollar value of a clue … in their wagering decision, even though there exists no rational reason to do so. More than half of all wagers occur … manifests itself among college students. Overall, our findings suggest anchoring plays a substantial role in financial decision …

We study the choice of a principal to either delegate a decision to a group of careerist experts, or to consult them … individually and keep the decision-making power. Our model predicts a trade-off between information acquisition and information …

decision making in complex decision tasks relative to conscious thought. Different from prior work testing this prediction, we … processing in complex decision making. …

We examine whether biases identified in the behavioral-economics literature apply in decision-making for others (DMfO …). We conduct a laboratory experiment in which subjects make decision on behalf of themselves and others in eighteen tasks … subject's payment or utility; very few subjects report motivations that can be construed as rivalrous. …