Judgment and decision making research overwhelmingly uses null hypothesis significance testing as the basis for statistical inference. This article examines an alternative, Bayesian approach which emphasizes the choice between two competing hypotheses and quantifies the balance of evidence...

Oppenheimer and Monin (2009) recently found that subjectively rare events are taken to indicate a longer preceding sequence of unobserved trials than subjectively common events, an effect which they refer to as the retrospective gambler's fallacy. The current paper extends this idea to the...

We report a study of the effects the choice set on financial decision making related to retirement savings and risky investment. The participants were presented with either a full range of choice options or a limited subset of the feasible options. The choices of saving and risk are affected by...