Erev, Ert, and Roth organized three choice prediction competitions focused on three related choice tasks: one shot decisions from description (decisions under risk), one shot decisions from experience, and repeated decisions from experience. Each competition was based on two experimental...

Economics

We show inconsistencies in expected utility theory in a setting characterized by the possibility of under-commitment and over-commitment of resources. The setting involves the purchase of tokens, where each token buys a number of coverage minutes, and a probabilistic penalty for purchasing fewer...

The Holt-Laury measure for risk aversion has been used extensively in economic studies to measure individuals' risk aversion. The idea behind this measure is that individuals have stable risk preferences when making decisions under risk. We show that having repeated experiences with the...