Preferences are influenced by the presence or absence of salient choice options, known as reference points. This behavioral tendency is traditionally attributed to the loss aversion and diminishing sensitivity assumptions of prospect theory. In contrast, some psychological research suggests that reference dependence is caused by attentional biases…

American Indian graduate students are experiencing a higher matriculation rate in higher education today; however, those rates are still lower than other underrepresented minority groups' rates. The purpose of this study is to conduct exploratory research to investigate the decision-making process of American Indian/Alaskan Native professionals…

In the behavioral sciences, a popular approach to describe and predict behavior is cognitive modeling with adjustable parameters (i.e., which can be fitted to data). Modeling with adjustable parameters allows, among other things, measuring differences between people. At the same time, parameter estimation also bears the risk of overfitting. Are…

Despite many applications of prospect theory's concepts to explain political and strategic phenomena, formal analyses of strategic problems using prospect theory are rare. Using Fearon's model of bargaining, Tversky and Kahneman's value function, and an existing probability weighting function, I construct a model that demonstrates the differences…

During the last 25 years, prospect theory and its successor, cumulative prospect theory, replaced expected utility as the dominant descriptive theories of risky decision making. Although these models account for the original Allais paradoxes, 11 new paradoxes show where prospect theories lead to self-contradiction or systematic false predictions.…

Comments on the article by E. Brandstatter, G. Gigerenzer, and R. Hertwig (2006). The authors discuss the priority heuristic, a recent model for decisions under risk. They reanalyze the experimental validity of this approach and discuss how these results compare with cumulative prospect theory, the currently most established model in behavioral…

Previous research has developed a variety of theories explaining when and why people's decisions under risk deviate from the standard economic view of expected utility maximization. These theories are limited in their predictive accuracy in that they do not explain the probabilistic nature of preferential choice, that is, why an individual makes…

Four experiments with 1391 participants compared descriptive models of risky decision making. The first replicated and extended evidence refuting cumulative prospect theory (CPT) as an explanation of Allais paradoxes. The second and third experiments used a new design to unconfound tests of upper and lower coalescing, which allows tests of…

E. Brandstatter, G. Gigerenzer, and R. Hertwig (2006) contended that their priority heuristic, a type of lexicographic semiorder model, is more accurate than cumulative prospect theory (CPT) or transfer of attention exchange (TAX) models in describing risky decisions. However, there are 4 problems with their argument. First, their heuristic is not…

Kahneman and Tversky's (1979) Prospect theory was tested as a model of preferences for prolonging life under various hypothetical health statuses. A sample of 384 elderly people living in congregate housing (263 healthy, 131 frail) indicated how long (if at all) they would want to live under each of nine hypothetical health conditions (e.g.,…

Bernoulli's framework of expected utility serves as a model for various psychological processes, including motivation, moral sense, attitudes, and decision making. To account for evidence at variance with expected utility, the authors generalize the framework of fast and frugal heuristics from inferences to preferences. The priority heuristic…

The multiple deficit model (MDM) was proposed because the prevailing single deficit model provided an inadequate account of atypical neuropsychological development. Across methods and levels of analysis, there has been support for the two fundamental tenets of the MDM, that multiple predictors contribute probabilistically to neurodevelopmental…

From his first attempts to explain attachment phenomena in the 1940s through his "Attachment and Loss" trilogy (Bowlby, 1969/1982, 1973, 1980), John Bowlby reformulated the theoretical underpinnings of attachment theory several times. He initially attempted to explain attachment phenomena in psychoanalytic terms. Then he invoked…

The function of donor-sponsored teacher training programs is a commonly observed phenomenon in many English as a Second Language (ESL) and English as a Foreign Language (EFL) countries. Since the mid-1990s, Bangladesh has been in the process of continuing donor-aided teacher training programs for English teachers (Rahman et al., 2019).…

Semantic composition in language must be closely related to semantic composition in thought. But the way the two processes are explained differs considerably. Focusing primarily on propositional content, language theorists generally take semantic composition to be a truth-conditional process. Focusing more on extensional content, cognitive…