certain. First, we find that, when experience-based decision makers sample events without error and then are told what outcomes …-probability gains, as in description-based decision making. Second, we find that the experience-description gap for low …-description gap for high-probability outcomes is pronounced when decision makers previously experience lotteries that both offered the …

This paper reports the results of informational cascades experiments where two different decision-making systems, anti … frequently than those which the Bayesian theory predicts, (4) subjects in seniority put equal weight on private signals and on …

Actors in various settings have been increasingly relying on algorithmic tools to support their decision-making. Much … - decision-makers cannot verify the quality of such goods, even after "consuming" them. Based on this finding, we test two … algorithm, it remarkably decreases human decision-making performance. In the second treatment, we reveal the task's correct …

This paper presents a complete, choice-based, axiomatic Bayesian decision theory. It introduces a new choice set … decision maker's prior and posterior beliefs. -- Bayesian decision making ; subjective probabilities ; prior distributions …