One of the first observed and best known errors people make when told probabilities is the Allais paradox.  People put too much weight on rare extreme outcomes.  This means that choices people make different choices when asked to choose between two  lotteries with the same probabilities of the same outcomes depending on how they are […]

I am posting this because the source of this study caught my attention.  It is out of the  Ben-Gurion University of the Negev (BGU) and the University of Amsterdam, Psychologists Dr. Shaul Shalvi and Dr.  Carsten K. W. De Dreu respectfully.  Dr. Shalvi is the head of BGU’s Center for Decision- Making and Economic Psychology. […]