Pseudocontingencies are inferences of correlations between variables, like two options and two outcomes, drawn on the basis of their skewed base rates covarying across a third variable (e.g., two contexts). Here, we investigated the effect of pseudocontingency inference on choice behavior. When choices between two options are not based on the…

Risky decisions are often characterized by (a) imprecision about consequences and their likelihoods that can be reduced by information collection, and by (b) unavoidable background risk. This article addresses both aspects by eliciting risk attitude, prudence, and temperance in decisions from description and decisions from experience. The results…