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…

Mind wandering--mentation unrelated to one's current activity and surroundings--is a ubiquitous phenomenon, but seemingly competing ideas have been proposed regarding its relation to executive cognitive processes. The control-failure hypothesis postulates that executive processes prevent mind wandering, whereas the global availability hypothesis…

Research with general knowledge items demonstrates extreme overconfidence when people estimate confidence intervals for unknown quantities, but close to zero overconfidence when the same intervals are assessed by probability judgment. In 3 experiments, the authors investigated if the overconfidence specific to confidence intervals derives from…