To investigate the effect of time horizon on investment behavior, this paper reports the results of an experiment in which business graduate students provided certainty equivalents and judged various dimensions of the outcome distribution of simple gambles that were played either once or...

The human mind is not a general problem solving machine. Instead of deliberately, consciously and serially processing the available information, men can rely on routines, rules, roles or affect for the purpose. They can bring in technology, experts or groups. For all of these reasons, men have a...

A unified parameterization of an expected utility model corrected for regret and disappointment effects is presented, constrained to conform to a well-known choice pattern, the common consequence effect, a special case of the Allais paradox. For choices subject to regret and disappointment...

When asked to delay consumption, people are impatient and discount future rewards more than when offered the chance to accelerate consumption. Three experiments provide a process-level account for this asymmetry, with implications for the design of decision environments that promote less...

Sunstein advocates a more systematic approach to the study of moral decision-making, namely the heuristics-and-biases paradigm. We offer two concerns and suggest that a focus on decision processes can add value. Recent research on decision modes suggest that it is useful to distinguish between...

This paper proposes a revised version of the original Domain-Specific Risk-Taking (DOSPERT) scale developed by Weber, Blais, and Betz (2002) that is shorter and applicable to a broader range of ages, cultures, and educational levels. It also provides a French translation of the revised scale....

An experiment examined how the type and presentation format of information about investment options affected investors' expectations about asset risk, returns, and volatility and how these expectations related to asset choice. Respondents were provided with the names of 16 domestic and foreign...

In the last two decades, much has been published on the topic of culture and cross-cultural psychology and much on the topic of judgment and decision making (J/DM). However, only a few researchers have examined the intersection of the two areas. In this article, we review this body of research....

In this study, respondents from the P.R.C., U.S.A., Germany, and Poland were found to differ in risk preference, as measured by buying prices for risky financial options. Chinese repondents were significantly less risk-averse in their pricing than Americans when risk preference was assessed in...

Intellectual property piracy is a significant global problem and an enormous problem for U.S. companies and policymakers. This article examines why typically law-abiding people are more inclined to steal intellectual property products than more tangible, material products. The authors propose...