One of the key findings of prospect theory is that people tend to treat potential gains differently to potential losses. Consistent with earlier findings across a range of areas, pilots were risk averse when faced with an uncertain situation involving monetary gains and risk seeking when faced with a monetary loss. Prospect theory has largely been…

Past events, such as "close calls," can provide valuable learning opportunities, especially in aviation, where learning from past errors could potentially help to avoid future incidents or accidents. This study investigated whether three cognitive biases (availability, outcome, and hindsight bias) could influence pilots' perceptions of…