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  1. Risk aversion for losses and the Nash bargaining solution.Hans Peters - 2021 - Theory and Decision 92 (3-4):703-715.
    We call a decision maker risk averse for losses if that decision maker is risk averse with respect to lotteries having alternatives below a given reference alternative in their support. A two-person bargaining solution is called invariant under risk aversion for losses if the assigned outcome does not change after correcting for risk aversion for losses with this outcome as pair of reference levels, provided that the disagreement point only changes proportionally. We present an axiomatic characterization of the Nash bargaining (...)
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  • Order-Independent Transformative Decision Rules.Martin Peterson & Sven Ove Hansson - 2005 - Synthese 147 (2):323-342.
    A transformative decision rule alters the representation of a decision problem, either by changing the set of alternative acts or the set of states of the world taken into consideration, or by modifying the probability or value assignments. A set of transformative decision rules is order-independent in case the order in which the rules are applied is irrelevant. The main result of this paper is an axiomatic characterization of order-independent transformative decision rules, based on a single axiom. It is shown (...)
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  • Influential Cognitive Processes on Framing Biases in Aging.Alison M. Perez, Jeffrey Scott Spence, L. D. Kiel, Erin E. Venza & Sandra B. Chapman - 2018 - Frontiers in Psychology 9.
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  • Psychological Resources Protect Well-Being During the COVID-19 Pandemic: A Longitudinal Study During the French Lockdown.Nicolas Pellerin & Eric Raufaste - 2020 - Frontiers in Psychology 11.
    This longitudinal study investigated the capability of various positive psychological resources to directly or indirectly protect specific well-being outcomes and moderate the effects on well-being of health and economic threats in a lockdown situation during the 2020 health crisis in France. At the beginning of lockdown, participants completed self-assessment questionnaires to document their initial level of well-being and state of nine different well-established psychological resources, measured as traits: optimism, hope, self-efficacy, gratitude toward the world, self-transcendence, wisdom, gratitude of being, peaceful (...)
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  • Reverse engineering cash: Coin designs mark out high value differentials and coin sizes track values logarithmically.Barbara Pavlek, James Winters & Olivier Morin - 2020 - Cognition 198 (C):104182.
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  • Emotion and decision-making: affect-driven belief systems in anxiety and depression.Martin P. Paulus & Angela J. Yu - 2012 - Trends in Cognitive Sciences 16 (9):476-483.
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  • A paradox in decision theory and some experimental results: The relative nature of decisions.Iain Paterson & Andreas Diekmann - 1988 - Theory and Decision 25 (2):107-116.
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  • Meta-Analytic Evidence for a Reversal Learning Effect on the Iowa Gambling Task in Older Adults.Rita Pasion, Ana R. Gonçalves, Carina Fernandes, Fernando Ferreira-Santos, Fernando Barbosa & João Marques-Teixeira - 2017 - Frontiers in Psychology 8:298425.
    Iowa Gambling Task (IGT) is one of the most widely used tools to assess economic decision-making. However, the research tradition on aging and the Iowa Gambling Task (IGT) has been mainly focused on the overall performance of older adults in relation to younger or clinical groups, remaining unclear whether older adults are capable of learning along the task. We conducted a meta-analysis to examine older adults’ decision-making on the IGT, to test the effects of aging on reversal learning (45 studies) (...)
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  • Greater decision-making competence is associated with greater expected-value sensitivity, but not overall risk taking: an examination of concurrent validity.Andrew M. Parker & Joshua A. Weller - 2015 - Frontiers in Psychology 6:138740.
    Decision-making competence reflects individual differences in the susceptibility to decision-making errors, measured using tasks common from behavioral decision research (e.g., framing effects, under/overconfidence, following decision rules). Prior research demonstrates that those with higher decision-making competence report lower incidence of health-risking and antisocial behaviors, but there has been less focus on intermediate mechanisms that may impact real-world decisions, and, in particular, those implicated by normative models. Here we test the associations between measures of youth decision-making competence (Y-DMC) and one such mechanism, (...)
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  • Delayed probabilistic risk attitude: a parametric approach.Jinrui Pan, Craig S. Webb & Horst Zank - 2019 - Theory and Decision 87 (2):201-232.
    Experimental studies suggest that individuals exhibit more risk aversion in choices among prospects when the payment and resolution of uncertainty are immediate relative to when it is delayed. This leads to preference reversals that cannot be attributed to discounting. When data suggest that utility is time-independent, probability weighting functions, such as those used to model prospect theory preferences, can accommodate such reversals. We propose a simple descriptive model with a two-parameter probability weighting function where one of these parameters depends on (...)
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  • Review of The Cordial Economy: Ethics, Recognition and Reciprocity by Patrici Calvo. [REVIEW]Daniel Pallarés-Domínguez - 2018 - Journal of Business Ethics 153 (1):287-289.
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  • Uncertain About Uncertainty: How Qualitative Expressions of Forecaster Confidence Impact Decision-Making With Uncertainty Visualizations.Lace M. K. Padilla, Maia Powell, Matthew Kay & Jessica Hullman - 2021 - Frontiers in Psychology 11:579267.
    When forecasting events, multiple types of uncertainty are often inherently present in the modeling process. Various uncertainty typologies exist, and each type of uncertainty has different implications a scientist might want to convey. In this work, we focus on one type of distinction betweendirect quantitative uncertaintyandindirect qualitative uncertainty. Direct quantitative uncertainty describes uncertainty about facts, numbers, and hypotheses that can be communicated in absolute quantitative forms such as probability distributions or confidence intervals. Indirect qualitative uncertainty describes the quality of knowledge (...)
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  • The syllogism of neuro-economics.Camillo Padoa-Schioppa - 2008 - Economics and Philosophy 24 (3):449-457.
    If neuroscience is to contribute to economics, it will do so by the way of psychology. Neural data can and do lead to better psychological theories, and psychological insights can and do lead to better economic models. Hence, neuroscience can in principle contribute to economics. Whether it actually will do so is an empirical question and the jury is still out. Economics currently faces theoretical and empirical challenges analogous to those faced by physics at the turn of the twentieth century (...)
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  • Value-free paradise is lost. Economists could learn from artists.Aleksander Ostapiuk - 2020 - Annales. Ethics in Economic Life 23 (4):7-33.
    Despite the conclusions from the contemporary philosophy of science, many economists cherish the ideal of positive science. Therefore, value-free economics is still the central paradigm in economics. The first aim of the paper is to investigate economics' axiomatic assumptions from an epistemological perspective. The critical analysis of the literature shows that the positive-normative dichotomy is exaggerated. Moreover, value-free economics is based on normative foundations that have a negative impact on individuals and society. The paper's second aim is to show that (...)
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  • Fear of principles? A cautious defense of the Precautionary Principle.Gloria Origgi - 2014 - Mind and Society 13 (2):215-225.
    Should fear guide our actions and governments’ political decisions? A leitmotiv of common sense is that emotions are tricky, they blur our rational capacity of estimating utilities in order to plan action and thus they should be banned from any account of our rational expectations. In this paper I argue that an “heuristic of fear” is the appropriate attitude to adopt in order to cope with extreme risks. I thus defend the Precautionary Principle against the criticism put forward by Cass (...)
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  • Conceptions of Value in Environmental Decision-Making.J. O'Neill & C. L. Spash - 2000 - Environmental Values 9 (4):521-536.
    Environmental problems have an ethical dimension. They are not just about the efficient use of resources. Justice in the distribution of environmental goods and burdens, fairness in the processes of environmental decision-making, the moral claims of future generations and non-humans, these and other ethical values inform the responses of citizens to environmental problems. How can these concerns enter into good policy-making processes?Two expert-based approaches are commonly advocated for incorporating ethical values into environmental decision-making. One is an 'economic capture' approach, according (...)
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  • Current Mood vs. Recalled Impacts of Current Moods after Exposures to Sequences of Uncertain Monetary Outcomes.Lars E. Olsson, Tommy Gärling, Dick Ettema, Margareta Friman & Michael Ståhl - 2017 - Frontiers in Psychology 8.
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  • Assessing social care policy through a behavioural lens.Adam Oliver - 2018 - Mind and Society 17 (1-2):39-51.
    Over recent years, a number of behavioural economic-informed policy frameworks have been developed, ranging from soft and hard forms of paternalism, to regulation against negative externalities, the so-called nudge, shove and budge approaches. This article considers these different frameworks as applied to some of the challenges posed by the social care needs of contemporary societies. It is argued that all of the frameworks are worthy of serious consideration in this policy domain, in that they offer food for thought on how (...)
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  • Trail Pheromone Does Not Modulate Subjective Reward Evaluation in Lasius niger Ants.Felix B. Oberhauser, Stephanie Wendt & Tomer J. Czaczkes - 2020 - Frontiers in Psychology 11.
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  • A rational analysis of the selection task as optimal data selection.Mike Oaksford & Nick Chater - 1994 - Psychological Review 101 (4):608-631.
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  • Withdrawal Aversion as a Useful Heuristic for Critical Care Decisions.Piotr Grzegorz Nowak & Tomasz Żuradzki - 2019 - American Journal of Bioethics 19 (3):36-38.
    While agreeing with the main conclusion of Dominic Wilkinson and colleagues (Wilkinson, Butcherine, and Savulescu 2019), namely, that there is no moral difference between treatment withholding and withdrawal as such, we wish to criticize their approach on the basis that it treats the widespread acceptance of withdrawal aversion (WA) as a cognitive bias. Wilkinson and colleagues understand WA as “a nonrational preference for withholding (WH) treatment over withdrawal (WD) of treatment” (22). They treat WA as a manifestation of loss aversion (...)
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  • Uncertainty Without All the Doubt.Aaron Norby - 2015 - Mind and Language 30 (1):70-94.
    I investigate whether degreed beliefs are able to play the predictive, explanatory, and modeling roles that they are frequently taken to play. The investigation focuses on evidence—both from sources familiar in epistemology as well as recent work in behavioral economics and cognitive psychology—of variability in agents' apparent degrees of belief. Although such variability has been noticed before, there has been little philosophical discussion of its breadth or of the psychological mechanisms underlying it. Once these are appreciated, the inadequacy of degrees (...)
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  • The asymmetrical force of persuasive knowledge across the positive–negative divide.Mads Nordmo & Marcus Selart - 2015 - Frontiers in Psychology 6.
    In two experimental studies we explore to what extent the general effects of positive and negative framing also apply to positive and negative persuasion. Our results reveal that negative persuasion induces substantially higher levels of skepticism and awareness of being subjected to a persuasion attempt. Furthermore, we demonstrate that in positive persuasion, more claims lead to stronger persuasion, while in negative persuasion, the numerosity of claims carries no significant effect. We interpret this finding along the lines of a satiety-model of (...)
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  • De-Escalate Commitment? Firm Responses to the Threat of Negative Reputation Spillovers from Alliance Partners’ Environmental Misconduct.Anne Norheim-Hansen & Pierre-Xavier Meschi - 2020 - Journal of Business Ethics 173 (3):599-616.
    When faced with the threat of negative reputation spillover from an alliance partner accused of environmental misconduct, the focal firm must decide whether to adopt a supportive or non-supportive response. We argue that this decision denotes a commitment escalation dilemma, but that factors previously found to increase escalation tendencies lead to de-escalation in our crisis contagion context. Specifically, we derive four hypotheses from this reverse effect proposition, and test these using a policy-capturing survey targeting Norwegian CEOs. We found that firms (...)
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  • Multialternative decision by sampling: A model of decision making constrained by process data.Takao Noguchi & Neil Stewart - 2018 - Psychological Review 125 (4):512-544.
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  • Optimistic biases in observational learning of value.A. Nicolle, M. Symmonds & R. J. Dolan - 2011 - Cognition 119 (3):394-402.
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  • Probability transformations in the study of behavior toward risk.William S. Neilson - 2003 - Synthese 135 (2):171 - 192.
    Probability transformation functions were introduced into modelsof behavior toward risk to allow them to accommodate violations of the expected utility hypothesis.This paper examines the shape of the probability transformation function, its interpretation asoptimism or pessimism, and how the ranking of outcomes becomes important when probability transformationsare used. It also explores two behavioral implications: the overweighting of unlikely, extremeoutcomes, and intertia around certainty. Finally, the rationality of transforming the probabilitydistribution is discussed.
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  • Rank-Weighted Utilitarianism and the Veil of Ignorance.Jacob M. Nebel - 2020 - Ethics 131 (1):87-106.
    Lara Buchak argues for a version of rank-weighted utilitarianism that assigns greater weight to the interests of the worse off. She argues that our distributive principles should be derived from the preferences of rational individuals behind a veil of ignorance, who ought to be risk averse. I argue that Buchak’s appeal to the veil of ignorance leads to a particular way of extending rank-weighted utilitarianism to the evaluation of uncertain prospects. This method recommends choices that violate the unanimous preferences of (...)
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  • Sequential decision making without independence: a new conceptual approach. [REVIEW]A. Nebout - 2014 - Theory and Decision 77 (1):85-110.
    This paper presents a critical reflection on dynamic consistency as commonly used in economics and decision theory, and on the difficulty to test it experimentally. It distinguishes between the uses of the term dynamic consistency in order to characterize two different properties: the first accounts for the neutrality of individual preferences towards the timing of resolution of uncertainty whereas the second guarantees that a strategy chosen at the beginning of a sequential decision problem is immune to any reevaluation and will (...)
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  • A triple test for behavioral economics models and public health policy.Ryota Nakamura, Marc Suhrcke & Daniel John Zizzo - 2017 - Theory and Decision 83 (4):513-533.
    We propose a triple test to evaluate the usefulness of behavioral economics models for public health policy. Test 1 is whether the model provides reasonably new insights. Test 2 is on whether these have been properly applied to policy settings. Test 3 is whether they are corroborated by evidence. We exemplify by considering the cases of social interactions models, self-control models and, in relation to health message framing, prospect theory. Out of these sets of models, only a correctly applied prospect (...)
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  • Unintended consequences of performance incentives: impacts of framing and structure on performance and cheating.Joshua A. Nagel, Kajal R. Patel, Ethan G. Rothstein & Logan L. Watts - 2021 - Ethics and Behavior 31 (7):498-515.
    ABSTRACT Setting specific, challenging goals motivates employees to exert greater effort in their jobs. However, goal-setting may have unintended consequences of also motivating unethical behavior. The present study explores these consequences in the context of other features of goal-setting in organizations, how goals are framed and rewarded, to determine the tradeoff between performance and ethical behavior. Undergraduate students were incentivized to complete math problems using different outcome frames and incentive structures and were also provided an opportunity to cheat. Findings demonstrate (...)
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  • Beyond circularity and normativity: Measurement and progress in behavioral economics.Michiru Nagatsu - 2010 - Philosophy of the Social Sciences 40 (2):265-290.
    This article assesses two major conceptual arguments against theories of choice.The first argument concerns the circularity of belief-desire psychology, on which decision theory is based. The second argument concerns the normativity arising from the concept of rationality. Each argument is evaluated against experimental practice in economics and psychology, and it is concluded that both arguments fail to establish their skeptical conclusion that there can be no science of intentional human actions.
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  • Psychological Pathways to Fraud: Understanding and Preventing Fraud in Organizations. [REVIEW]Pamela R. Murphy & M. Tina Dacin - 2011 - Journal of Business Ethics 101 (4):601-618.
    In response to calls for more research on how to prevent or detect fraud (ACAP, Final Report of the Advisory Committee on the Auditing Profession, United States Department of the Treasury, Washington, DC, 2008 ; AICPA, SAS No. 99: Consideration of Fraud in a Financial Statement Audit, New York, NY, 2002 ; Carcello et al., Working Paper, University of Tennessee, Bentley University and Kennesaw State University, 2008 ; Wells, Journal of Accountancy, 2004 ), we develop a framework that identifies three (...)
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  • Cognition and uncertainty.Bertrand Munier - 1989 - Theory and Decision 27 (1-2):93-106.
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  • Are Game Theoretic Concepts Suitable Negotiation Support Tools? From Nash Equilibrium Refinements toward a Cognitive Concept of Rationality.Bertrand R. Munier - 1993 - Theory and Decision 34 (3):235.
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  • Revise the Belief in Loss Aversion.Sumitava Mukherjee - 2019 - Frontiers in Psychology 10.
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  • The Impact of Corporate Environmental Performance on Market Risk: The Australian Industry Case.Noor Muhammad, Frank Scrimgeour, Krishna Reddy & Sazali Abidin - 2015 - Journal of Business Ethics 132 (2):347-362.
    Prior research suggests that Corporate Environmental Performance enables businesses to build strong corporate image and reputation, thus leading to improved firm financial performance. However, studies relating to the relationship between CEP and firm risk are scarce. This research intends to bridge the gap in the literature by examining whether CEP helps firms to reduce their financial risk. Results of the Ordinary Least Squares regression with fixed effects provide strong evidence that environmental performance is negatively associated with firm volatility and firm (...)
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  • On the economic foundations of decision theory.Aldo Montesano - 2022 - Theory and Decision 93 (3):563-583.
    Economics bases the choice theory on the mental experiment that introduces the choice correspondence, which associates to every set of possible actions the subset of preferred actions. If some conditions are satisfied, then the choice correspondence implies a binary preference ordering on actions and an ordinal utility function. This approach applies both to decisions under certainty and decisions under uncertainty. The preference ordering depends on the consequence of actions. Under certainty, there is only one consequence to every action, while, under (...)
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  • Expected utility for decision making with subjective models.Salvatore Modica - 1995 - Theory and Decision 39 (2):157-168.
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  • Searching Choices: Quantifying Decision‐Making Processes Using Search Engine Data.Helen Susannah Moat, Christopher Y. Olivola, Nick Chater & Tobias Preis - 2016 - Topics in Cognitive Science 8 (3):685-696.
    When making a decision, humans consider two types of information: information they have acquired through their prior experience of the world, and further information they gather to support the decision in question. Here, we present evidence that data from search engines such as Google can help us model both sources of information. We show that statistics from search engines on the frequency of content on the Internet can help us estimate the statistical structure of prior experience; and, specifically, we outline (...)
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  • Does Goal-Demotion Enhance Cooperation?Panagiotis Mitkidis, Pierre Lienard, Kristoffer L. Nielbo & Jesper Sørensen - 2014 - Journal of Cognition and Culture 14 (3-4):263-272.
    Social scientists have long assumed that religion – and more specifically religious rituals – promotes cooperation. It has also been claimed that ritual plays an essential role in enhancing prosociality and cooperation. In this study, using a controlled laboratory experiment, we investigate if a conspicuous and recurrent feature of collective ritualized behaviour, goal-demotion, promotes lasting cooperation. We report that goal-directed collective behaviour is more efficient than goal-demoted behaviour for motivating participants to engage in ulterior cooperation. Plausible interpretations of the data (...)
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  • Willingness to treat infectious diseases: what do students think?Dan Zeharia Milikovsky, Renana Ben Yona, Dikla Akselrod, Shimon M. Glick & Alan Jotkowitz - 2013 - Journal of Medical Ethics 39 (1):22-26.
    Introduction Outbreaks of serious communicable infectious diseases remain a major global medical problem and force healthcare workers to make hard choices with limited information, resources and time. While information regarding physicians’ opinions about such dilemmas is available, research discussing students’ opinions is more limited. Methods Medical students were surveyed about their willingness to perform medical procedures on patients with communicable diseases as students and as physicians. Students were asked about their opinions regarding the duty to treat in such cases. Results (...)
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  • Human Rights of Users of Humanlike Care Automata.Lantz Fleming Miller - 2020 - Human Rights Review 21 (2):181-205.
    Care is more than dispensing pills or cleaning beds. It is about responding to the entire patient. What is called “bedside manner” in medical personnel is a quality of treating the patient not as a mechanism but as a being—much like the caregiver—with desires, ideas, dreams, aspirations, and the gamut of mental and emotional character. As automata, answering an increasing functional need in care, are designed to enact care, the pressure is on their becoming more humanlike to carry out the (...)
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  • The winner’s curse in auctions with losses.Matteo Migheli - 2017 - Mind and Society 16 (1-2):113-126.
    The winner’s curse in auctions might emerge from asymmetric information and/or from some willingness to pay for winning. This article is based on a sealed-bid common value first price auction, with a net loss for the subject with the second highest bid. The results show the existence of a trade-off between the magnitude of the potential loss and the willingness to pay for the victory. In the context of public procurement these results suggest that companies are willing to overpay small (...)
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  • Functional Mechanisms of Health Behavior Change Techniques: A Conceptual Review.Maren M. Michaelsen & Tobias Esch - 2022 - Frontiers in Psychology 13.
    BackgroundHealth behavior change is among the top recommendations for improving health of patients with lifestyle-related chronic diseases. An array of behavior change techniques have been developed to support behavior change initiation and maintenance. These BCTs often show limited success when they are not informed by theory, leading to a mismatch between the intention of the BCT and patients’ needs or expectations. Previous studies have identified a number of resources which patients may require to initiate and maintain health behavior change. Indeed, (...)
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  • Acceptance as a positive attitude.Maria Miceli & Cristiano Castelfranchi - 2001 - Philosophical Explorations 4 (2):112 – 134.
    We argue in favor of the adaptive value of acceptance and that it deserves a definite status within the 'positive paradigm'. Acceptance currently suffers from ambiguous connotations because of its lack of optimistic biases and its similarity to resignation. We endeavor to show that acceptance and resignation are distinct attitudes by exploring their relationships with various phenomena-frustration, disappointment, expectation, positive thinking, replanning, and accuracy. The resulting distinguishing features of acceptance-thriving versus returning to baseline; realistic optimism versus hopelessness; persistence and flexible (...)
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  • Individual heuristics and the dynamics of cooperation in large groups.David M. Messick & Wim B. G. Liebrand - 1995 - Psychological Review 102 (1):131-145.
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  • An Argument in Favor of Deep Brain Stimulation for Uncommon Movement Disorders: The Case for N-of-1 Trials in Holmes Tremor.Marcelo Mendonça, Gonçalo Cotovio, Raquel Barbosa, Miguel Grunho & Albino J. Oliveira-Maia - 2022 - Frontiers in Human Neuroscience 16.
    Deep brain stimulation is part of state-of-the-art treatment for medically refractory Parkinson’s disease, essential tremor or primary dystonia. However, there are multiple movement disorders that present after a static brain lesion and that are frequently refractory to medical treatment. Using Holmes tremor as an example, we discuss the effectiveness of currently available treatments and, performing simulations using a Markov Chain approach, propose that DBS with iterative parameter optimization is expected to be more effective than an approach based on sequential trials (...)
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  • Valuing environmental costs and benefits in an uncertain future: risk aversion and discounting.Fabien Medvecky - 2012 - Erasmus Journal for Philosophy and Economics 5 (1):1-1.
    A central point of debate over environmental policies concerns how future costs and benefits should be assessed. The most commonly used method for assessing the value of future costs and benefits is economic discounting. One often-cited justification for discounting is uncertainty. More specifically, it is risk aversion coupled with the expectation that future prospects are more risky. In this paper I argue that there are at least two reasons for disputing the use of risk aversion as a justification for discounting (...)
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  • Representation theorems and the foundations of decision theory.Christopher J. G. Meacham & Jonathan Weisberg - 2011 - Australasian Journal of Philosophy 89 (4):641 - 663.
    Representation theorems are often taken to provide the foundations for decision theory. First, they are taken to characterize degrees of belief and utilities. Second, they are taken to justify two fundamental rules of rationality: that we should have probabilistic degrees of belief and that we should act as expected utility maximizers. We argue that representation theorems cannot serve either of these foundational purposes, and that recent attempts to defend the foundational importance of representation theorems are unsuccessful. As a result, we (...)
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