The standard theory of choice---based on value maximization---associates with each option a real value such that, given an offered set, the decision maker chooses the option with the highest value. Despite its simplicity and intuitive appeal, there is a growing body of data that is inconsistent...

We develop a belief-based account of decision under uncertainty. This model predicts decisions under uncertainty from (i) judgments of probability, which are assumed to satisfy support theory; and (ii) decisions under risk, which are assumed to satisfy prospect theory. In two experiments,...

Amos Tversky (1937-1996), a towering figure in cognitive and mathematical psychology, devoted his professional life to the study of similarity, judgment, and decision making. He had a unique ability to master the technicalities of normative ideals and then to intuit and demonstrate...