is not recognized. -- information cascade ; Bayes' Rule ; decision under risk and uncertainty ; experimental economics …

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 decreases after earlier expectations have been shattered by unfavorable … outcomes or surpassed by favorable outcomes. Our results point to reference-dependent choice theories such as prospect theory …

explained. We also present estimates for risk and stochasticity parameters; the former are not correlated across mechanisms, but …

salience of regret as a decision motive. -- regret theory ; outcome feedback ; natural lottery ; external validity … gamble. The properties of this gamble are likely to engage decision-makers to a greater extent than conventional abstract …

for measuring the depth of thinking. In this paper, we find that choices in the 11-20 game are confounded with risk … aversion; hence, the depth of thinking measured is confounded with risk aversion. We also theoretically show that risk aversion … are not correlated with risk aversion …

second source of noise is present because of payoff risk, which reduces the correlation between expected and realized payoffs …. We manipulate payoff risk using a 2x2 design: payoffs from contest investments are either risky (as in standard contests … safe (as in standard contests) or risky. We find that Nash equilibrium rates go up to 100% when payoff risk is not present …