An old-timer physician of New York, who was forever questioning the methods and purpose of his colleagues, concluded a Grand Rounds in his department with the observation, “No patient is in real danger until all his doctors agree on his diagnosis.” Those of us at the session dutifully applauded and laughed, left the meeting, but never forgot his perceptive warning. We all crave certainty, yet s...

This study investigated the relative contribution of perception/cognition and language-specific semantics in nonverbal categorization of spatial relations. English and Korean speakers completed a video-based similarity judgment task involving containment, support, tight fit, and loose fit. Both perception/cognition and language served as resources for categorization, and allocation between the ...

Certainty is an epistemic quality or, as philosophers are used to say, an epistemic modality. It is not easily accounted for as such; but things get even more complicated due to the fact that certainty is often confused with other epistemic modalities. Since I cannot discuss here the quite sophisticated technical treatments of certainty, I focus on disentangling certainty from and relating it t...

The prices and allocations in two sets of asset markets experiments are studied. One set is the certainty equivalent of the other. In both sets, markets evidently price risk correctly (expected excess returns are proportional to covariance with aggregate risk) even when allocations are wrong (individual allocations do not reflect the portfolio separation predicted by theory). We explain this pr...