This article presents a dual system model (DSM) of decision making under risk and uncertainty according to which the value of a gamble is a combination of the values assigned to it independently by the affective and deliberative systems. On the basis of research on dual process theories and empirical research in Hsee and Rottenstreich (2004) and…

Analysis of binary choice behavior in iterated tasks with immediate feedback reveals robust deviations from maximization that can be described as indications of 3 effects: (a) a payoff variability effect, in which high payoff variability seems to move choice behavior toward random choice; (b) underweighting of rare events, in which alternatives…

Random-walk conceptions of performance, aspirations, and risk preferences are used to model a pattern of risk taking responsive to a risk taker's changing fortune. The impact of adaptive aspirations and attention focus on risk taking over time is explored for cohorts and a renewing population of risk takers. (SLD)

A rational model of human categorization behavior is presented that assumes that categorization reflects the derivation of optimal estimates of the probability of unseen features of objects. A case is made that categorization behavior can be predicted from the structure of the environment. (SLD)

The authors explore the division of labor between the basal ganglia-dopamine (BG-DA) system and the orbitofrontal cortex (OFC) in decision making. They show that a primitive neural network model of the BG-DA system slowly learns to make decisions on the basis of the relative probability of rewards but is not as sensitive to (a) recency or (b) the…

This essay introduces a series of studies developing a statistical theory of elementary learning processes. An attempt is made to derive relations among commonly used measures of behavior and quantitative expressions describing simple learning phenomena. Laws of the theory state probability relations between momentary changes in behavioral and…