We review the fast-growing work on salience and economic behavior. Psychological
research shows that salient stimuli attract human attention bottom up due to their high …

When making decisions, people tend to shift their attention back and forth between stimuli,
choosing options that they look at more overall and immediately before their responses …

We provide evidence that classic lottery anomalies like probability weighting and loss
aversion are not special phenomena of risk. They also arise (and often with equal strength) …

The fully updated eighth edition of Cognitive Psychology: A Student's Handbook provides
comprehensive yet accessible coverage of all the key areas in the field ranging from visual …

When making decisions, how people allocate their attention influences their choices. One
empirical finding is that people are more likely to choose the option that they have looked at …

Models of decision-making typically assume the existence of some common currency of
value, such as utility, happiness, or inclusive fitness. This common currency is taken to allow …

Abstract We take Cumulative Prospect Theory (CPT) seriously by rigorously estimating
structural models using the full set of CPT parameters. Much of the literature only estimates a …

An examination of the cognitive tools that the mind uses to grapple with uncertainty in the
real world. How do humans navigate uncertainty, continuously making near-effortless …

The canonical conclusion from research on age differences in risky choice is that older
adults are more risk averse than younger adults, at least in choices involving gains. Most of …

In the philosophy of science why-questions are a way to address the foundations of scientific
explanation. For Bas van Fraassen (1980), a theory of explanation is essentially a theory of …