The Description-Experience Gap in Risky Choice: The Role of Sample Size and Experienced Probabilities

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Decisions From Experience and Statistical Probabilities: Why They Trigger Different Choices Than a Priori Probabilities (2010, methodology): “Hau et al. (2008) have provided a comprehensive investigation of the impact of sample size and undersampling of rare events.”
Living with Floods: Protective Behaviours and Risk Perception of Vietnamese Households (2013, background): “Hau et al. (2008) indeed show that the description-experience gap is reduced, but persists for events that are experienced from large samples.”
Unpacking the Exploration–Exploitation Tradeoff: A Synthesis of Human and Animal Literatures (2015, background): “Exploration tends to decrease with increasing costs of search and decreasing values of possible reward (Fu & Gray, 2006; Gigerenzer et al., 2012; Hau et al., 2008).”
Learning and the Economics of Small Decisions (2013, result): “These results (and similar findings reported in Weber et al. , 2004; Ungemach et al., 2008; Erev et al., 2010a; Hau et al., 2008; and in reviews by Hertwig & Erev, 2009 and Rakow & Newell, 2010) suggest that the tendency to underweight rare events in decisions from experience is not driven by the…”