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Abstract:
Since the days of the Bernoullis themselves, risky decision-making has attracted substantial theoretical and empirical study. There are marked differences between the risk attitudes of different people, and extremes are associated with psychiatric dysfunctions, notably in anxiety disorders. Most work in the area has focused on isolated decisions, such as separate lotteries or bets; but most decision-making involves whole trajectories or sequences of choices and outcomes, allowing peril to accumulate. I will discuss our recent theoretical and experimental work in this domain.
