, the main part describes and analyzes three series of empirical experiments, which clearly show that anchoring … artificially incorporated anchors (first series of experiments) as well as for situation-embedded anchors (second series). The … third series of experiments finally shows that the observed bias also persists for professionally experienced people …

Using controlled experiments, we examine how individuals make choices when faced with multiple options. Choice tasks … are designed to mimic the selection of health insurance, prescription drug, or retirement savings plans. In our experiment … subjects. Second, heuristics differ by age, with older subjects relying more on suboptimal decision rules. In a heuristics …

When making judgments, individuals often utilize heuristics to interpret information. We report on a series of … experiments designed to test the ways in which incentive mechanisms influence the use of a particular heuristic in decision …

by pre-specifying a set of candidate decision-making heuristics and then assigning each subject to the heuristic that … type classification approach introduced by Houser, Keane and McCabe (2002) to investigate the heuristics used by subjects … in the gambling experiment (Bechara, Damasio, Damasio and Anderson, 1994). An advantage of our classification approach is …

Using paper and pencil experiments administered in senior centers, we examine decision-making performance in multi … heuristics and increased decision-making randomness among our oldest subjects. However, we find that increasing the number of … options in a decision problem increases the number of heuristics brought to the task. This challenges the choice overload view …