Decision biases in intertemporal choice and choice under uncertainty: testing a common account.

The Effect Of Salvage Market On Strategic Technology Choice And Capacity Investment Decision Of Firm Under Demand Uncertainty

(1) Anomalies in Intertemporal Choice: Evidence and an Interpretation*

Research on decision making under uncertainty has been strongly influenced by the documentation of numerous expected utility (EU) anomalies-behaviors that violate the expected utility axioms. The relative lack of progress on the closely related topic of intertemporal choice is partly due to the absence of an analogous set of discounted utility (DU) anomalies. We enumerate a set of DU anomalies ...

Anomalies in Intertemporal Choice: Evidence and an Interpretation

Research on decision making under uncertainty has been strongly influenced by the documentation of numerous expected utility (EU) anomalies-behaviors that violate the expected utility axioms. The relative lack of progress on the closely related topic of intertemporal choice is partly due to the absence of an analogous set of discounted utility (DU) anomalies. We enumerate a set of DU anomalies ...

Rational Choice Theory: A Cultural Reconsideration

Economists have heralded the formulation of the expected utility theorem as a universal method of choice under uncertainty. In their seminal paper, Stigler and Becker (Stigler & Becker, 1977) declared that “human behavior can be explained by a generalized calculus of utility-maximizing behavior” (p.76). The universality of the rational choice theory has been widely criticized by psychologists, ...

A Dynamic Tradeoff Model of Intertemporal Choice

The delay discounting perspective, which assumes an alternative-wise processing of attribute information, has long dominated research on intertemporal choice. Recent studies, however, have suggested that intertemporal choice is based on attribute-wise comparison. This line of research culminated in the tradeoff model (Scholten & Read, 2010; Scholten, Read, & Sanborn, 2014), which can accommodat...