-inconsistency strengthen the normative appeal of the active-decision enrollment regime. However, financial illiteracy favors default enrollment … over active decision enrollment …

A choice-theoretic model of household decision-making with respect to care-giving time allocations and the use of …

In its attempt to model financial markets and the behavior of firms, modern finance theory starts from a set of … paradigm may be criticized, however, because (1) the assumptions are descriptively false and incomplete, and (2) the theory … often lacks predictive power. One way to make progress is to characterize actual decision- making behavior. Efforts along …

In this paper, we assess the degree to which four of the most commonly used models of risky decision making can explain … enough to approximate Kahnenman and Tversky's prospect theory and that for certain parametric values will yield the expected … explain the decision-making behavior of the majority of our subjects. Surprisingly, we find that the choice behavior of the …