Traditional decision theory assumes that people respond to the exact features of the options
available to them, but observed behavior seems much less precise. This review considers …

This article presents a selective review of economic research on attentional choice, taking
an observation of as its starting point. Because standard choice data conflate utilities and …

Individuals must often choose among discrete actions with imperfect information about their
payoffs. Before choosing, they have an opportunity to study the payoffs, but doing so is …

We conduct an experiment in which subjects face the same questions repeated multiple
times, with repetitions of two types:(1) following the literature, the repetitions are distant from …

Observed choices between risky lotteries are difficult to reconcile with expected utility
maximization, both because subjects appear to be too risk averse with regard to small …

We study perfectly patient agents who estimate the value of future events by generating
noisy, unbiased simulations and combining those signals with priors to form posteriors …

We model the joint distribution of choice probabilities and decision times in binary decisions
as the solution to a problem of optimal sequential sampling, where the agent is uncertain of …

We experimentally test a theory of risky choice in which the perception of a lottery payoff is
noisy due to information processing constraints in the brain. We model perception using the …

Decision makers, such as doctors, judges, and managers, make consequential choices
based on predictions of unknown outcomes. Do these decision makers make systematic …

Recent advances in decision making have incorporated both risk and ambiguity in decision
theory and optimization methods. These methods implement a variety of uncertainty …