Highlights•In human reinforcement learning, outcomes are encoded in a context-dependent
manner.•Context-dependence transforms objective outcomes into subjective …

The experimental investigation of decision-making in humans relies on two distinct types of
paradigms, involving either description-or experience-based choices. In description-based …

Loss aversion can occur in riskless and risky choices. We present novel evidence on both in
a non-student sample (660 randomly selected customers of a car manufacturer). We …

Social science is entering a golden age, marked by the confluence of explosive growth in
new data and analytic methods, interdisciplinary approaches, and a recognition that these …

Research Abstract Exploration and exploitation in strategic decision‐making entails
decisions about whether and where to search for new alternatives to improve the status quo …

We systematically misjudge our own performance in simple economic tasks. First, we
generally overestimate our ability to make correct choices—a bias called overconfidence …

In a large-scale field study of marathon runners, we test whether goals act as reference
points in shaping the valuation of outcomes. Theories of reference-dependent preferences …

Cumulative Prospect Theory (CPT) is a modeling tool widely used in behavioral economics
and cognitive psychology that captures subjective decision making of individuals under risk …

The reveal of express packaging waste recycling behavior evolution trend is crucial to waste
management. Current models are mostly based on the classic expected utility theory …

In liberalized electricity markets, empirical findings suggest that power plant investment
decision-making under uncertainty exhibits bounded rationality. This study leverages the …