Assessing of the probability of future outcomes is central to most forward-looking behaviors, from an investor assessing the risk of a portfolio to a consumer assessing how a currently available
When facing multiple choice options, decision-makers often adopt a two-stage choice strategy. Specifically, they first select some options to form a consideration set (the screening stage), and then
Many consumer judgments and choices are made under conditions of uncertainty—from budgeting, planning and contracting to investing and insuring. Such activities require not only predictions of
Probability is a janus-faced concept. Probability can be conceptualized either as the quantification of stochastic events (aleatory uncertainty) or as subjective degrees of beliefs (epistemic
The history of objects as carriers of culture has been noted by anthropologists since the early 20th century (De Saussure 1915) and that objects have a social meaning for their possessors and users