We apply a model of preferences for information to the domain of decision making under risk and ambiguity. An uncertain prospect exposes an individual to an information gap. Gambling makes the missing information more important, attracting more attention to the information gap. To the extent...

We propose a theoretical model of insecurity --- high-but-fragile self-esteem --- that seeks to integrate and help make sense of diverse strands of research in psychology. Adopting from behavioral economics the concept of a ``personal equilibrium" --- a situation in which an individual's...

Virtually all current theories of choice under risk or uncertainty are cognitive and consequentialist. They assume that people assess the desirability and likelihood of possible outcomes of choice alternatives and integrate this information through some type of expectation-based calculus to...