We study learning in a bandit problem where the outcome probabilities of six arms switch (jump) over time a restless bandit. In the experiment, optimal Bayesian learning tracks the jumps through learning of the probability of a jump or direct jump detection and, once a jump has occurred,...

We study first- and second-order subjective expectations (beliefs) in strategic decision-making. We elicit probabilistically both first- and second-order beliefs and apply the method to a Hide-and-Seek experiment. We study the relationship between choice and beliefs in terms of whether observed...

The use of coarse categories is prevalent in various situations and has been linked to biased economic outcomes, ranging from discrimination against minorities to empirical anomalies in financial markets. In this paper we study economic rationales for categorizing coarsely. We think of the way...

We study first- and second-order subjective expectations (beliefs) in strategic decisionmaking.We propose a method to elicit probabilistically both first- and second-order beliefs and apply the method to a Hide-and-Seek experiment. We study the relationship between choice and beliefs in terms of...

In this paper we investigated how many causes girls, young women, and mothers could generate in two scenarios involving a hypothetical crying baby. We wanted to test whether girls were as good as young women and mothers in generating the a priori most likely causes.

This article assesses the potential benefits of including findings from neurobiology in economic decision-making models. First, we emphasize that the evidence supports both ‘expected utility-like’ theory and ‘Bayesian-like’ information acquisition theory. Second, we explain that...

The use of coarse categories is prevalent in various situations and has been linked to biased economic outcomes, ranging from discrimination against minorities to empirical anomalies in financial markets. In this paper we study economic rationales for categorizing coarsely. We think of the way...

The use of coarse categories is prevalent in various situations and has been linked to biased economic outcomes, ranging from discrimination against minorities to empirical anomalies in financial markets. In this paper we study economic rationales for categorizing coarsely. We think of the way...

Proper maintenance schedule is required to improve manufacturing systems’ profitability and productivity. A novel dynamic maintenance strategy is thus developed to incorporate both the single-machine optimization and the whole-system schedule for series–parallel system. Firstly, multiple...

Decision making in healthcare often involves decision alternatives that vary on different dimensions in conflicting ways, such as health benefits and costs. In such cases, it is not always easy to identify the best option, as a trade-off has to be made. In preference studies, patients evaluate...