Suppose, somebody has to estimate the likelihood of one of the following events (or has to estimate which event is more likely): A coin is tossed six times and each time the result is heads. ...
Our decisions are usually based on a system of perspectives, which in turn are based on one's own set of values. However there are traumatizing situations where this system of perspectives is turned ...
Bayesianism has been a relatively successful paradigm for modeling decision-making. However, not every psychologist is a bayesian, and there are tasks such as the Tversky & Shafir (1992) ...
The disjunction effect (or violation of the sure-thing principle) is as follows: A disjunction effect occurs when people prefer x over y when they know that event A obtains, and they also ...
In the early 90s Tversky & Shafir observed several violations of rationality in human participants, in particular violation of the disjunction effect and sure-thing principle. This has lead to ...