The Allais Paradox, or common consequence effect, has been a standard challenge to normative theories of risky choice since its proposal over 60 years ago. However, neither its causes nor the conditions necessary to create the effect are well understood. Two experiments test the effects of losses and event splitting on the Allais Paradox. Experiment 1 found that the Allais Paradox occurs for bo...

Levy and Levy (2002, 2004) develop the Prospect and Markowitz stochastic dominance theory with S-shaped and reverse S-shaped utility functions for investors. In this paper, we extend Levy and Levy’s Prospect Stochastic Dominance theory (PSD) and Markowitz Stochastic Dominance theory (MSD) to the first three orders and link the corresponding S-shaped and reverse S-shaped utility functions to the...

Research is reviewed demonstrating perceptual narrowing across a variety of domains. Research is also reviewed showing that the temporal window of perceptual narrowing can be extended and, in some cases, perceptual narrowing can be reversed. Research is also reviewed highlighting the neurophysiological correlates of perceptual narrowing as well as some of the individual neurophysiological diffe...

Why should a jobbing psychiatrist be interested in a medical education textbook? Simply put, it is that we have shifted from an era of ‘See one, do one, teach one’ to one where an evidence base is available for education, not just for treatments. This is particularly the case for medical education, where the need to evidence pedagogic practice for regulators has been a priority for many years a...