Virtually all current theories of choice under risk or uncertainty are cognitive and
consequentialist. They assume that people assess the desirability and likelihood of possible …

This paper discusses the discounted utility (DU) model: its historical development,
underlying assumptions, and “anomalies”-the empirical regularities that are inconsistent with …

Research on curiosity has undergone 2 waves of intense activity. The 1st, in the 1960s,
focused mainly on curiosity's psychological underpinnings. The 2nd, in the 1970s and …

Microeconomic theory maintains that purchases are driven by a combination of consumer
preference and price. Using event-related fMRI, we investigated how people weigh these …

When humans are offered the choice between rewards available at different points in time,
the relative values of the options are discounted according to their expected delays until …

Understanding discrepancies between behavior and perceived self-interest has been one of
the major, but largely untackled, theoretical challenges confronting decision theory from its …

Why do consumers sometimes act against their own better judgment, engaging in behavior
that is often regretted after the fact and that would have been rejected with adequate …

Neuroeconomics uses knowledge about brain mechanisms to inform economic analysis,
and roots economics in biology. It opens up the “black box” of the brain, much as …

Until recently. emotions attracted little attention from decision researclters. Decision making
was viewed as a cognitive process——a matter of estimating which of various alternative …

Research on decision making under uncertainly has been strongly influenced by the
documentation of numerous expected utility (EU) anomalies—behaviors that violate the …