Previous studies of loss aversion in decisions under risk have led to mixed results. Losses appear to loom larger than gains in some settings, but not in others. The current paper clarifies these results by highlighting six experimental manipulations that tend to increase the likelihood of the...

We show inconsistencies in expected utility theory in a setting characterized by the possibility of under-commitment and over-commitment of resources. The setting involves the purchase of tokens, where each token buys a number of coverage minutes, and a probabilistic penalty for purchasing fewer...

People often need to choose between alternatives with known probabilities (risk) and alternatives with unknown probabilities (ambiguity). Such decisions are characterized by attitudes towards ambiguity, which are distinct from risk attitudes. Most studies of ambiguity attitudes have focused on...

The Holt-Laury measure for risk aversion has been used extensively in economic studies to measure individuals' risk aversion. The idea behind this measure is that individuals have stable risk preferences when making decisions under risk. We show that having repeated experiences with the...