We claim that understanding human decisions requires that both automatic and deliberate processes be considered. First, we sketch the qualitative differences between two hypothetical processing systems, an automatic and a deliberate system. Second, we show the potential that connectionism offers...

Many everyday decisions have to be made under risk and can be interpreted as choices between gambles with different outcomes that are realized with specific probabilities. The underlying cognitive processes were investigated by testing six sets of hypotheses concerning choices, decision times,...

We claim that understanding human decisions requires that both automatic and deliberate processes be considered. First, we sketch the qualitative differences between two hypothetical processing systems, an automatic and a deliberate system. Second, we show the potential that connectionism offers...

Errors in probabilistic reasoning have been the focus of much psychology research and are among the original topics of modern behavioral economics. This chapter reviews theory and evidence on this topic, with the goal of facilitating more systematic study of belief biases and their integration...

Base-rate neglect is a robust experimental finding that individuals do not update their prior beliefs according to the Bayes' rule and, typically, underestimate their posterior probabilities. Another empirical finding is that individuals often do not acquire information even when there are no...