A decision under ‘complete uncertainty’ is one where the decision maker knows the set of possible outcomes for each decision, but cannot assign probabilities to those outcomes. This way, the problem of ranking decisions is reduced to a problem of ranking sets of outcomes. All rankings that have emerged in the literature in this domain imply transitivity. In the current study, transitivity is subjected to an empirical evaluation in two experiments, where subjects are asked to choose between sets of monetary (...) consequences. After analysis with a Bayes Factor, very few violations of transitivity were found. It can be concluded that transitivity seems a plausible condition for the ranking of sets of monetary consequences. (shrink)

Models of intertemporal choice draw on three evaluation rules, which we compare in the restricted domain of choices between smaller sooner and larger later monetary outcomes. The hyperbolic discounting model proposes an alternative-based rule, in which options are evaluated separately. The interval discounting model proposes a hybrid rule, in which the outcomes are evaluated separately, but the delays to those outcomes are evaluated in comparison with one another. The tradeoff model proposes an attribute-based rule, in which both outcomes and delays (...) are evaluated in comparison with one another: People consider both the intervals between the outcomes and the compensations received or paid over those intervals. We compare highly general parametric functional forms of these models by means of a Bayesian analysis, a method of analysis not previously used in intertemporal choice. We find that the hyperbolic discounting model is outperformed by the interval discounting model, which, in turn, is outperformed by the tradeoff model. Our cognitive modeling is among the first to offer quantitative evidence against the conventional view that people make intertemporal choices by discounting the value of future outcomes, and in favor of the view that they directly compare options along the time and outcome attributes. (shrink)

Similarity‐based theories of concepts have a broad intuitive appeal and have been successful in accounting for various phenomena related to the formation and application of concepts. Their adequacy as theories of concepts has been questioned, however, as similarity is often taken as too flexible, too unconstrained, to be explanatory of categorization. In this article, I propose an account of similarity that takes the “foil” against which the target items are measured as integral to the process of comparison, making the similarity (...) relation a fundamentally triadic one. I argue that this account delivers more internal constraints on the process of comparison than the traditional, dyadic account of similarity does. Finally, I propose that this account is advantageous for a similarity‐based theory of concepts, as it easily integrates with the notion of conceptual taxonomy and uses it to deliver additional constraints on categorization. On such a theory of concepts, the foil, whose variability is in large part responsible for the flexible nature of similarity judgements, is turned within the framework of conceptual taxonomy to the very element that constrains similarity judgements in categorization. Therefore, this notion of similarity mitigates the worry that similarity is too flexible to be explanatory of categorization. (shrink)