We propose a model of history-dependent risk attitude (HDRA), allowing the attitude of a decision-maker (DM) towards risk at each stage of a T -stage lottery to evolve as a function of his history of disappointments and elations in prior stages. We establish an equivalence between the existence of an HDRA representation and two documented cognitive biases. First, the DM’s risk attitudes are rei...

The paper introduces a new concept of intrinsic risk attitude. In contrast to the common Arrow-Pratt measure, the present concept is directly tied to preferences on the multidimensional consumption space and is independent of the way we measure consumption, of the commodity under observation, and of market prices or liquidity constraints. The measure relies on intertemporal choice to distinguis...

Previous studies show that citizens usually prefer physicians as decision makers for rationing in health care, while politicians are downgraded. The findings are far from clear-cut due to methodological differences, and as the results are context sensitive they cannot easily be transferred between countries. Drawing on methodological experiences from previous research, this paper aims to identi...

Abstract Recent decision‐making research provides empirical evidence that human risk preferences are constructed “on the fly” during elicitation, influenced by context and method of elicitation (Kusev et al., 2020). In this article, we explore lability argue most recent choices guide decision‐making. Accordingly, our novel proposal experimental provide a psychological tool measures people's shi...

The 2005 National HIV/AIDS and Reproductive Health Survey (NARHS) in Nigeria provides evidence that multiple sexual partnering increases the risk of contracting HIV and other sexually transmitted diseases. Therefore, partner reduction is one of the prevention strategies to accomplish the Millenium Development Goal of halting and reversing the spread of HIV/AIDS. We consider the numbers of girlf...

The Ellsberg experiments provide an intuitive illustration that the Savage approach, which reduces subjective uncertainty to risk, is not rich enough to capture many decision makers’preferences. Recent experimental evidence suggests that decision makers reduce uncertainty to compound risk. This work presents a theoretical model of decision making in which preferences are de…ned on both Savage s...