Our major claim is that when people behave strategically,it is wrong to interpret the betting rates they announce as their subjective probabilities of the different events. Instead, these rates should be understood as the prices at which subjects are willing to trade certain goods (simple...

The objective of this paper is to explore the extent to which human judgement and resultant decision-making in a natural setting reflects the performance characteristics suggested by experimental work. in order to explore the quality of decisions made in a natural setting, an analysis is...

This paper extends choice theory by allowing for the interaction between cognitive costs and imitative dynamics. The authors experimentally investigate the role of imitation when participants face a task which is costly in cognitive terms. In order to disentangle different choice dynamics, they...

This paper extends choice theory by allowing for the interaction between cognitive costs and imitative dynamics. The authors experimentally investigate the role of imitation when participants face a task which is costly in cognitive terms. In order to disentangle different choice dynamics, they...

We axiomatize a new class of recursive dynamic models that capture subjective constraints on the amount of information a decision maker can obtain, pay attention to, or absorb, via a Markov Decision Process for Information Choice (MIC). An MIC is a subjective decision process that specifies what...

This study explains aspects and strategies of critical decision in crisis management. Critical decisions enable organizations to cope with consequential environmental threats or take advantage of important opportunities in the presence of highly restricted time. In particular, critical decisions...