by many theories of choice and implies that the decision-maker prefers receiving the best outcome for sure over all … treatments where decision-makers are asked to submit multiple decisions without knowing which one is relevant, many participants … decision. A large data set on (high-stake) university applications in Germany shows patterns that are consistent with a …

Both economists and psychologists are interested in understanding decision making under uncertainty. Yet, they rely on … different concepts to analyse human behaviour: Economists use economic preference parameters rooted in utility theory, while …