Econs, humans and the perception of risk n­notes . ­ource” Fact­et as of ™une ‰, … ƒ. …. Œ lively discussion of humans versus econs is offered by ‡ichard Žhaler and šass ­unstein in their book Nudge: Improving Decisions about Health, Wealth, and Happiness, «ale University ‚ress, … ‰. £. ‚aul Œ. ­amuelson. “‡isk and Uncertainty” a Fallacy of ›arge ¢umbers.” Scientia ‰.Š… ¨Š£©”  ‰–£. §. ¦ahneman, aniel, and Œmos Žversky. “‚rospect theory” Œn analysis of decision under risk.” Econometrica: Journal of the Econometric Society §†.… ¨†©” …Š£–…. Žversky, Œmos, and aniel ¦ahneman. “Œdvances in prospect theory” šumulative representation of uncertainty.” Journal of is and ncertainty ƒ.§ ¨…©” …†£…£. ƒ. ­hlomo œenartži and ‡ichard Žhaler have researched how people react to multiple plays of the ­amuelson bet, or the stock market, in the following papers” œenartži, ­hlomo, and ‡ichard ¬. Žhaler. “‹yopic loss aversion and the e“uity premium pužžle.” he uarterly Journal of Economics  . ¨ƒ©” †£–…. œenartži, ­hlomo, and ‡ichard ¬. Žhaler. “‡isk aversion or myopia˜ šhoices in repeated gambles and retirement investments.” anagement Science §ƒ.£ ¨©” £Š§–£‰. Š. ‹arkowitž, ¬arry. “‚ortfolio selection.” he Journal of inance †. ¨ƒ…©” ††–. †. Our analysis is based on the first “uestion each sub¥ect answered, but the results are similar when all three “uestions are included. ‰. O ppenheimer, aniel ‹., Žom ‹eyvis, and ¢icolas avidenko. “„nstructional manipulation checks” etecting satisficing to increase statistical power.” Journal of E­perimental Social €sychology §ƒ.§ ¨… ©” ‰Š†–‰†…. . ‚ayne, ™ohn •., an ™. ›aughhunn, and ‡oy šrum. “Žranslation of gambles and aspiration level effects in risky choice behavior.” ‹anagement ­cience …Š. ¨‰ ©”  £– Š . ‚ayne, ™ohn •., an ™. ›aughhunn, and ‡oy šrum. “¢ote—Further Žests of Œspiration ›evel Effects in ‡isky šhoice œehavior.” anagement Science …†.‰ ¨‰©” ƒ£–ƒ‰.  . š hen, ‹. ¦eith, ®enkat ›akshminarayanan, and ›aurie ‡. ­antos. “¬ow basic are behavioral biases˜ Evidence from capuchin monkey trading behavior.” Journal of €olitical Economy §.£ ¨… Š©” ƒ†–ƒ£†. . ­harpe, •illiam F. “‹utual fund performance.” Journal of ‚usiness £. ¨ŠŠ©” –£‰. …. ‹arkowitž, ¬arry ‹. €ortfolio selection: efficient diversification of investments„ ®ol. Š. «ale University ‚ress, Š‰. 