Mainstream analysis of economic behavior assumes that economic incentives can shape
behavior even when individual agents have limited understanding of the environment (see …

In contrast to humans and most other animals, rhesus macaques strongly prefer risky
rewards to safe ones with similar expected value. Why macaques prefer risk while other …

The present paper explores situations in which the information available to decision makers
is limited to feedback concerning the outcomes of their previous decisions. The results …

Abstract Analysis of binary choice behavior in iterated tasks with immediate feedback
reveals robust deviations from maximization that can be described as indications of 3 …

Abstract Erev, Ert, and Roth organized three choice prediction competitions focused on three
related choice tasks: One shot decisions from description (decisions under risk), one shot …

This paper discusses the effect of the feedback mechanism on route-choice decision-making
under uncertainty. Recent ITS (intelligent transportation systems) applications have …

This paper first maps the distribution of indigenous gambling in cultures around the world.
On the basis of extensive ethnographic and historical evidence, it is concluded that …

Abstract Kahneman and Tversky (Econometrica 47: 263–291, 1979) argued that “unlikely
events are either neglected or overweighted,” but left the task of identifying factors that …

Gambling behaviour is likely to be strongly influenced by operant learning principles. Most
forms of gambling, and most notably slot machine play, follow a random ratio (RR) schedule …

Situated on the west bank of the Pearl River Delta 1 hour from Hong Kong, Macao has had
more than 150 years of experience with gambling. In the 1990s, more than 50% of tax …