Most experimental investigations of risky choice provide participants with a description of the probabilities and outcomes for each option, and observe that small probabilities are overweighted. However, when payoffs are learned from repeated experience of outcomes (as in many real-world...

: We report the results of two laboratory experiments that study how university student and staff participants chose retirement savings investment options using ‘user-friendly’ information prescribed by regulators. We demonstrate that choices of more than 20% of participants cannot be...