This paper reviews the state of the art of research on individual decision-making in high-stakes, low-probability settings. A central theme is that resolving high-stakes decisions optimally poses a formidable challenge not only to naı̈ve decision makers, but also to users of more sophisticated tools, such as decision analysis. Such decisions are difficult to make because precise information abou...

---------------------------------------------------------------------------------------------------Originally presented in R. L. Linn (Chair), Effects of High-Stakes Educational Testing on Instruction and Achievement, symposium presented at the annual meeting of the American Educational Research Association and the National Council on Measurement in Education, Chicago, April 5, 1991. This paper...

Using an incentivized experiment with statistical power, this paper explores the role of stakes in charitable giving lottery prizes, where subjects commit to donate a fraction prize before they learn outcome lottery. We study three stake levels: 5€ ( n = 177), 100€ 168), and 1,000€ 171). Although donations increase absolute terms as increase, decrease donated pie. However, people still share ro...

A critical goal for psychological science in the 21st century is to foster diversity, equity, and inclusion occupational contexts. One arena which will continue benefit from a focus on equity high-stakes testing, such as assessments used personnel selection classification decisions. We define an equitable test one that minimizes group differences based protected classes race, sex, ethnicity, wh...

Short tests containing at most 15 items are used in clinical and health psychology, medicine, and psychiatry for making decisions about patients. Because short tests have large measurement error, the authors ask whether they are reliable enough for classifying patients into a treatment and a nontreatment group. For a given certainty level, proportions of correct classifications were computed fo...