Can a single model account for both risky choices and inter-temporal choices? Testing the assumptions underlying models of risky inter-temporal choice.

People Wait Longer when the Alternative is Risky: The Relation Between Preferences in Risky and Inter-temporal Choice

In two experiments, we demonstrate that despite indicating indifference when probed about risk or delay in isolation, when forced to explicitly trade-off between the two, participants prefer delayed over risky rewards. This pattern of findings sets a boundary condition for any common utility-based comparison process involving both risk and delay. Furthermore, this change from indifference-in-is...

Exploring the Concept of Utility: Are Separate Value Functions required for Risky and Inter-temporal Choice?

Utility based models are common in both the risky and intertemporal choice literatures. Recently there have been efforts to formulate models of choices which involve both risks and time delays. An important question then is whether the concept of utility is the same for risky and inter-temporal choices. We address this question by fitting versions of two popular utility based models, Cumulative...

How the twain can meet: Prospect theory and models of heuristics in risky choice.

Two influential approaches to modeling choice between risky options are algebraic models (which focus on predicting the overt decisions) and models of heuristics (which are also concerned with capturing the underlying cognitive process). Because they rest on fundamentally different assumptions and algorithms, the two approaches are usually treated as antithetical, or even incommensurable. Drawi...

Does the Ability to Make a New Business Need More Risky Choices during Decisions? Evidences for the Neurocognitive Basis of Entrepreneurship

The Dynamics of Decision Making in Risky Choice: An Eye-Tracking Analysis

In the last years, research on risky choice has moved beyond analyzing choices only. Models have been suggested that aim to describe the underlying cognitive processes and some studies have tested process predictions of these models. Prominent approaches are evidence accumulation models such as decision field theory (DFT), simple serial heuristic models such as the adaptive toolbox, and connect...