Ido Erev
EVENTS
is the Women’s Division – ATS Academic Chair in the Faculty of Data and Decision Sciences at the Technion. His research highlights a robust description-experience gap: people exhibit oversensitivity to rare events when they decide based on a description of the incentive structure, but experience reverses this bias and triggers underweighting of rare events. Comparison of alternative models favors the assumption that people tend to select the option that led to the best outcome in a small sample of similar past experiences. These observations imply that incentives are most effective when they insure that the socially desirable behavior maximizes payoff, and minimizes the probability of regret.