Melioration--defined as choosing a lesser, local gain over a greater longer term gain--is a behavioral tendency that people and pigeons share. As such, the empirical occurrence of meliorating behavior has frequently been interpreted as evidence that the mechanisms of human choice violate the norms of economic rationality. In some environments, the…

Hills and Hertwig (2012) challenge the proposed similarity of the exploration-exploitation transitions found in Gonzalez and Dutt (2011) between the 2 experimental paradigms of decisions from experience (sampling and repeated-choice), which was predicted by an instance-based learning (IBL) model. The heart of their argument is that in the sampling…

A central puzzle for theories of choice is that people's preferences between options can be reversed by the presence of decoy options (that are not chosen) or by the presence of other irrelevant options added to the choice set. Three types of reversal effect reported in the decision-making literature, the attraction, compromise, and similarity…

The law of comparative judgment is described, and applications in the measurement of psychological values are reviewed. The law defines the psychological continuum and expresses the experimentally observed proportion of judgments as a function of scale values of stimuli, their respective discriminal dispersions, and the correlation between paired…

People can use a variety of different strategies to perform tasks and these strategies all have two characteristics in common. First, they can be evaluated in comparison with either an absolute or a relative standard. Second, they can be used at varying levels of consistency. In the present article, the authors develop a general theory of task…