When valuing risky prospects, people tend to overweight small probabilities and to underweight large probabilities. Nonlinear probability weighting has proven to be a robust empirical phenomenon and has been integrated in decision models, such as cumulative prospect theory. Based on a laboratory...

How does risk tolerance vary with stake size? This important question cannot be adequately answered if framing effects, nonlinear probability weighting, and heterogeneity of preference types are neglected. We show that, contrary to gains, no coherent change in relative risk aversion is observed...

Neue Forschungsergebnisse zeigen, dass der ungebremste, vom Menschen verursachte Ausstoß von Kohlendioxid schwerwiegende Folgen für die Weltmeere haben wird. Die fortschreitende Erwärmung zum Einen und die Versauerung der Meere zum Anderen bedrohen die Meeresumwelt sowie die durch...