Behavioral Decision Making

Risk Preferences and Aging: The “Certainty Effect” in Older Adults’ Decision Making

by Nina Mazar

Cp-authored with Mara Mather, Marissa A. Gorlick, Nichole R. Lighthall, Jessica Burgeno, Andrej Schoeke, and Dan Ariely, conditional accept at 'Psychology and Aging'

A prevalent stereotype is that people become less risk taking and more cautious as they get older. However, in... more A prevalent stereotype is that people become less risk taking and more cautious as they get older. However, in laboratory studies, findings are mixed and often reveal no age differences. In the current series of experiments, we examined whether age differences in risk seeking are more likely to emerge when choices include a certain option (a sure gain or a sure loss). In four experiments, we found that age differences in risk preferences only emerged when participants were offered a choice between a risky and a certain gamble but not when offered two risky gambles. In particular, Experiments 1 and 2 included only gambles about potential gains. Here, compared with younger adults, older adults preferred a certain gain over a chance to win a larger gain and thus, exhibited more risk aversion in the domain of gains. But in Experiments 3 and 4, when offered the chance to take a small sure loss rather than risking a larger loss, older adults generally exhibited more risk seeking in the domain of losses than younger adults. In a nutshell, our findings suggest that older adults weigh certainty more heavily than younger adults.

Viability of decision-making systems in human and animal groups

by Cedric Sueur

A Contemporary Framework for Emotions in Consumer Decision-Making: Moving Beyond Traditional Models

by Holly A. Bell

Published in 'International Journal of Business and Social Science', 2011

Traditional models of consumer decision-making are largely cognitive and sequential in nature. While there is some... more Traditional models of consumer decision-making are largely cognitive and sequential in nature. While there is some recognition of an emotional component in the decision-making process, traditional models assume emotions should be overcome, cognitive and affective processes and multiple emotions cannot exist simultaneously, and a dichotomy exists between satisfaction and emotion in consumer decision-making. This paper examines contemporary research that challenges traditional assumptions about the role of emotions in consumer decision-making and introduces the role of consumer emotional intelligence into the process. The discussion concludes with a look at the strategic and ethical implications for marketers.

Toward a Value Inclusive Theory of Economic Decision-Making: A 'New Science' Model

by Holly A. Bell

Published in 'European Journal of Social Science', 2011

This paper explores one option for the development of a theoretical approach to economic decision-making that goes... more This paper explores one option for the development of a theoretical approach to economic decision-making that goes beyond the mechanical-mathematical models based on the assumptions of rational self-interest and utility maximization. The proposed model incorporates facts, values, relationships, cooperation, learning, and other factors into economic decision-making and applies to both the micro- and macroeconomic levels. While the model is descriptive in nature, it has predictive potential to establish a menu of alternative outcomes or “opportunity sets”. The goal of this discussion is to move the language of economic decision-making away from the mid-nineteenth century language of science toward the concepts associated with the complex systems approach of the ‘new science’.

When the smile is a cue to familiarity

by Guy Tiberghien

Pre-decision and conditional search in long-term recognition memory.

by Guy Tiberghien

Context effects in face recognition: Below response bias. The contribution of a simulation

by Guy Tiberghien

Short-term group fission processes in macaques: a social networking approach

by Cedric Sueur

Shared or unshared consensus decision in macaques?

by Cedric Sueur

Psychological game theory: a review of current literature

by Daniel Neicu

published in the Review of Business and Economic Literature, 2012, vol. 57, p. 37

Experimental evidence appears to contradict traditional game theory predictions in numerous settings. Although a solid... more Experimental evidence appears to contradict traditional game theory predictions in numerous settings. Although a solid basis for characterizing equlibria, game theory needed to – and to some extent did – go through some major developments and transgress the barriers between different social sciences to more accurately depict human behaviour in economic circumstances. Psychological game theory, first developed in the 80s, is one such advancement. By integrating beliefs directly within utility, it seeks to tie affective psychology to economic choice and thus better predict decision making. This paper reviews existing literature on psychological game theory and a strand of prospect theory relevant to emotional decision-making, and proposes further refinements and possible extensions.

Where Next? Group Coordination and Collective Decision Making by Primates

by Cedric Sueur

Shared or Unshared Consensus for Collective Movement? Towards Methodological Concerns.

by Cedric Sueur

Reaching a Consensus: Terminology and Concepts Used in Coordination and Decision-Making Research

by Cedric Sueur

Self-Organization in Primates: Understanding the Rules Underlying Collective Movements

by Cedric Sueur

Social Network Influences Decision Making During Collective Movements in Brown Lemurs (Eulemur fulvus fulvus)

by Cedric Sueur

Collective decision‐making and fission–fusion dynamics: a conceptual framework

by Cedric Sueur

A rule-of-thumb based on social affiliation explains collective movements in desert baboons

by Cedric Sueur

Selective mimetism at departure in collective movements of Macaca tonkeana: an experimental and theoretical approach

by Cedric Sueur

From the first intention movement to the last joiner: macaques combine mimetic rules to optimize their collective decisions

by Cedric Sueur

Group decision-making in chacma baboons: leadership, order and communication during movement

by Cedric Sueur