This paper examines the effect of incentives on the performance of darts players. We analyze four data sets comprising a total of 123,402 darts matches of professional, amateur, and youth players. The game of darts offers an attractive natural research setting, because performance can be...

Pharmaceutical pricing in the United States varies, and patients often do not know the out-of-pocket costs of their medications until arriving at the pharmacy to retrieve their prescriptions. In recent years, these pharmacy-counter interactions have seen the introduction of copay cards:...

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 propose simple behavioral definitions of comparative uncertainty aversion for a single agent towards different sources of uncertainty. Our definitions allow for the comparison of utility curvature towards different sources if the agent's choices satisfy subjective expected utility towards...