The ecological rationality of heuristics has been extensively investigated in the domain of individual decision making. In strategic decision making, however, the focus has been on repeated games, and there is a lack of research on 1-shot games, where opponents and the game itself can vary from...

The predictive power of Cumulative Prospect Theory (CPT) and Expected Utility Theory (EUT) is typically compared using decisions from description (DfD), wherein lotteries' outcome values and probabilities are explicitly stated. In decisions from experience (DfE), individuals sample (without...

We test empirically the strategic counterpart of the Adaptive Decision Maker hypothesis (Payne et al., 1993), which states that decision makers adapt their attention and decision rules to time pressure in predictable ways. For twenty-nine normal form games, we test whether players adapt to...

For decisions in the wild, time is of the essence. Available decision time is often cut short through natural or artificial constraints, or is impinged upon by the opportunity cost of time. Experimental economists have only recently begun to conduct experiments with time constraints and to...

Heuristics are all around us, both in the real world and the literature. There are many of them and there are many — too many — definitions of them. In this chapter we focus on the history of fast and frugal heuristics, as sketched out comprehensively in Gigerenzer, Todd, & the ABC Research...

Over the past decades psychological theories have made significant headway into economics, culminating in the 2002 (partially) and 2017 Nobel prizes awarded for work in the field of Behavioural Economics. Many of the insights imported from psychology into economics share a common trait: the...

We examine the value added of tournaments that compare the predictive power of behavioral models. The advantages and disadvantages of this particular method have not been systematically discussed in the literature; here we aspire to do so. We conclude that tournaments are a useful addition to our...