This paper describes an experiment designed to study the effect of aspiration levels on individual choices under risk …

This paper analyzes individual decision making under risk. It is assumed that an individual does not have a preference …

Many important economic and political decisions are made by teams. In the economic literature, however, the decision … principles of Expected Utility Theory (EUT) and of Portfolio Selection Theory (PST). The experiment is performed with individuals … a team decision algorithm, excess-risk vetoing, that combines simple majority voting with the right to veto alternatives …

which may be reduced to requiring initial wealth to be total lifetime wealth of the decision maker. Still, even when initial …

decision making. In an experiment, subjects invest in a portfolio that contains a risk-free bond and a risky asset which has … high or low return states with equal probability. The experiment elicits aspirations of subjects and predicts asset … exhibits how the decision maker limits her possible loss by forgoing possible gains. The findings of the study are reflective …