We study how temporal separations affect recurring decision-making under risk and thus ask when reference points update. Using both experimental and panel data from a casino, we analyze how individual risk-taking behavior during a casino visit depends on the outcomes of temporally separated...

We examine the risky choices of contestants in the popular TV game show “Deal or No Deal” and related classroom experiments. Contrary to the traditional view of expected utility theory, the choices can be explained in large part by previous outcomes experienced during the game. Risk aversion...

We examine the risky choices of pairs of contestants in a popular radio game show in France. At one point during the COVID-19 pandemic the show, held in person, had to switch to an all-remote format. We find that such an exogenous change in social context affected risk-taking behavior. Remotely,...

We systematically examine the acute impact of exposure to a public health crisis on multiple dimensions of economic decision making and social preferences using unique experimental panel data collected just before and immediately after the outbreak of COVID-19 in China. Exploiting the...

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 psychologists use personality traits to describe...