Neil Stewart Publications

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Working papers

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Gathergood, J., Hirshleifer, D. A., Leake, D., Sakaguchi, H., & Stewart, N. (2019). Naïve buying diversification and narrow framing among individual investors. Available at SSRN: https://ssrn.com/abstract=3056254   NBER working paper no. 25567: https://www.nber.org/papers/w25567 PDF 
Abstract

Gathergood, J., Loewenstein, G., Quispe-Torreblanca, E., & Stewart, N. (2019). Investor attention, reference points and the disposition effect. Available at SSRN: https://ssrn.com/abstract=3422790 PDF 
Abstract

Sakaguchi, H., Stewart, N., & Gathergood, J. (2018). When setting a default payment harms credit card holders. Available at SSRN: https://ssrn.com/abstract=3221299 PDF 
Abstract

Sakaguchi, H., Stewart, N., & Walasek, L. (2019). The disposition effect varies with portfolio composition because people take gain-loss-domain-level sell decisions. Available at SSRN: https://ssrn.com/abstract=3053331  PDF 
Abstract

Skatova, A., Stewart, N., Flavahan, E., & Goulding, J. (2019). Those whose calorie comsumption varies the most eat the most. Available on PsyArXiv at: https://psyarxiv.com/ah8jp/ PDF 
Abstract

Stewart, N., Canic, E., & Mullett, T. L. (2020). On the futility of estimating utility functions: Why the parameters we measure are wrong, and why they do not generalize. Available on PsyArXiv at: https://psyarxiv.com/qt69m  PDF 
Abstract

Stewart, N., Scheibehenne, B., & Pachur, T. (2018). Psychological parameters have units: A bug fix for stochastic prospect theory and other decision models. Available on PsyArXiv at: https://psyarxiv.com/qvgcd  PDF 
Abstract

Trendl, A., Stewart, N., & Mullett, T. L. (2018). A zero attraction effect in naturalistic choice. Available at SSRN: https://ssrn.com/abstract=3299524  PDF 
Abstract

Walasek, L., Mullett, T. L., & Stewart, N. (2018). A meta-analysis of loss aversion in risky contexts. Available at SSRN: https://ssrn.com/abstract=3189088  PDF 
Abstract

2020 and in press

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Gathergood, J., Sakaguchi, H., Stewart, N., & Weber, J. (in press). How do consumers avoid penalty fees? Evidence from credit cards. Management Science. Available at SSRN: https://ssrn.com/abstract=2960004  PDF 
Abstract

Sanborn, A. N., Noguchi, T., Tripp, J., & Stewart, N. (2020). A dilution effect with dilution: When missing evidence, not non-diagnostic evidence, is judged inaccurately. Cognition, 196. doi: 10.1016/j.cognition.2019.104110 PDF 
Abstract
Data and code

Vincent, B. T., & Stewart, N. (2020). The case of muddled units in temporal discounting. Cognition. doi: 10.1016/j.cognition.2020.104203 Available on PsyArXiv at: https://psyarxiv.com/29sgd  PDF 
Abstract

2019

Alempaki, D., Canic, C., Mullett, T. L., Skylark, W., Starmer, S., Stewart, N., & Tufano, F. (2019). Re-examining how utility and weighting functions get their shapes: A quasi-adversarial collaboration providing a new interpretation. Management Science, 65, 4841-4862. doi: 10.1287/mnsc.2018.3170 PDF 
Abstract

Gathergood, J., Mahoney, N., Stewart, N., & Weber, J. (2019). How do individuals repay their debt? The balance-matching heuristic. American Economic Review, 109, 844-875. doi: 10.1257/aer.20180288  Available at SSRN: https://ssrn.com/abstract=3000526  NBER working paper no. 24161: https://www.nber.org/papers/w24161PDF 
Abstract

Gathergood, J., Mahoney, N., Stewart, N., & Weber, J. (2019). How do Americans repay their debt? The balance-matching heuristic. Economics Bulletin, 39, 1458–1466. Available at http://www.accessecon.com/Pubs/EB/2019/Volume39/EB-19-V39-I2-P138.pdf SSRN: https://ssrn.com/abstract=3332329 NBER working paper no. 25557: https://www.nber.org/papers/w25557 PDF 
Abstract

Quispe-Torreblanca, E., & Stewart, N. (2019). Causal peer effects in police misconduct. Nature Human Behaviour. doi: 10.1038/s41562-019-0612-8 Available at https://rdcu.be/bEAue
Abstract

Quispe-Torreblanca, E., Stewart, N., Gathergood, J., & Loewenstein, G. (2019). The red, the black, and the plastic: Paying down credit card debt for hotels not sofas. Management Science, 65, 5392-5410. doi: 10.1287/mnsc.2018.3195  Available at SSRN: https://ssrn.com/abstract=3037416  PDF 
Abstract

Scholten, M., Read, D., & Stewart, N. (2019). The framing of nothing and the psychology of choice. Journal of Risk and Uncertainty, 59, 125-149. doi: 10.1007/s11166-019-09313-5 PDF 
Abstract

Walasek, L., & Stewart, N. (2019). Context dependent sensitivity to losses: Range and skew manipulations. Journal of Experimental Psychology: Learning, Memory, and Cognition, 45, 957-968. doi: 10.1037/xlm0000629 PDF 
Abstract

2018

Adams, P., Guttman-Kenney, B., Hayes, L., Hunt, S., Laibson, D., & Stewart, N. (2018). The conflict between consumer intentions, beliefs and actions to pay down credit card debt. Financial Conduct Authority Occasional Papers in Financial Regulation, 44. http://www.fca.org.uk/publication/occasional-papers/occasional-paper-44.pdf PDF 
Abstract

Adams, P., Guttman-Kenney, B., Hayes, L., Hunt, S., Laibson, D., & Stewart, N. (2018). The semblance of success in nudging consumers to pay down credit card debt. Financial Conduct Authority Occasional Papers in Financial Regulation, 45. https://www.fca.org.uk/publication/occasional-papers/occasional-paper-45.pdf PDF 
Abstract

Adams, P., Guttman-Kenney, B., Hayes, L., Hunt, S., & Stewart, N. (2018). Increasing credit card payments using choice architecture: The case of anchors and prompts. Financial Conduct Authority Occasional Papers in Financial Regulation, 42. https://www.fca.org.uk/publication/occasional-papers/occasional-paper-42.pdf PDF 
Abstract

Bhatia, S., & Stewart, N. (2018). Naturalistic multiattribute choice. Cognition, 179, 71-88. doi: 10.1016/j.cognition.2018.05.025 PDF 
Abstract

Guttman-Kenney, B., Leary, J. & Stewart, N. (2018). Weighing anchor on credit card debt. Financial Conduct Authority Occasional Papers in Financial Regulation, 43. https://www.fca.org.uk/publication/occasional-papers/occasional-paper-43.pdf PDF 
Abstract

Mullett, T. L., Smart, L., & Stewart, N. (2018). Blackbird's alarm call or nightingale's lullaby? The effect of tweet risk warnings on attractiveness, search, and understanding. Financial Conduct Authority Occasional Papers in Financial Regulation, 47. https://www.fca.org.uk/publication/occasional-papers/occasional-paper-47.pdf PDF 
Abstract

Mullett, T. L., Smart, L., & Stewart, N. (2018). The effect of risk warning content for contract for difference products. Available at SSRN: https://ssrn.com/abstract=3231616 PDF 
Abstract

Noguchi, T., & Stewart, N. (2018). Multialternative decision by sampling: A model of decision making constrained by process data. Psychological Review, 125, 512-544. doi: 10.1037/rev0000102 PDF 
Abstract
Code

2017

Kutzner, F. L., Read, D., Brown, G. D. A., & Stewart, N. (2017). Choosing the Devil you don’t know: Evidence for limited sensitivity to sample-size based uncertainty when it offers an advantage. Management Science, 63, 1519-1528. doi: 10.1287/mnsc.2015.2394 PDF 
Abstract

Stewart, N., Chandler, J., & Paolacci, J. (2017). Crowdsourcing cognitive science. Trends in Cognitive Sciences, 21, 736-748. doi: 10.1016/j.tics.2017.06.007 PDF 
Abstract

2016

Birnbaum, M. H., Navarro-Martinez, D., Ungemach, C., Stewart, N., & Quispe-Torreblanca, E. G. (2016). Risky decision making: Testing for violations of transitivity predicted by an editing mechanism. Judgment and Decision Making, 11, 75-91. http://journal.sjdm.org/15/15615a/jdm15615a.pdf PDF 
Abstract
Data

Mullett, T. L., & Stewart, N. (2016). Implications of visual attention phenomena for models of preferential choice. Decision, 3, 231-253. doi: 10.1037/dec0000049 PDF 
Abstract

Reimers, S., & Stewart, N. (2016). Auditory presentation and synchronization in Adobe Flash and HTML5/JavaScript web experiments. Behaviour Research Methods, 48, 897-908. doi: 10.3758/s13428-016-0758-5 PDF 
Abstract
Data

Stewart, N., Gächter, S., Noguchi, T., & Mullett, T. L. (2016). Eye movements in strategic choice. Journal of Behavioral Decision Making, 29, 137-156. doi: 10.1002/bdm.1901 PDF 
Abstract
Data

Stewart, N., Hermens, F., & Matthews, W. J. (2016). Eye movements in risky choice. Journal of Behavioral Decision Making, 29, 116-136. doi: 10.1002/bdm.1854 PDF 
Abstract
Data

2015

Hunt, S., Stewart, N., & Zaliauskas, R. (2015). Two plus two makes five? Survey evidence that investors overvalue structured deposits. Financial Conduct Authority Occasional Papers in Financial Regulation, 9. http://www.fca.org.uk/your-fca/documents/occasional-papers/occasional-paper-9 PDF 
Abstract

Reimers, S., & Stewart, N. (2015). Presentation and response timing accuracy in Adobe Flash and HTML5/JavaScript web experiments. Behavior Research Methods, 47, 309-327. doi: 10.3758/s13428-014-0471-1 PDF 
Abstract

Stewart, N., Reimers, S., & Harris, A. J. L. (2015). On the origin of utility, weighting, and discounting functions: How they get their shapes and how to change their shapes. Management Science, 61, 687-705. doi: 10.1287/mnsc.2013.1853 PDF 
Thank you to the Decision Analysis Society for awarding this paper the 2017 Decision Analysis Publication Award!
Abstract
On-line calculator and source code
Instructions, choices, and raw data

Stewart, N., Ungemach, C., Harris, A. J. L., Bartels, D. M., Newell, B. R., Paolacci, G., & Chandler, J. (2015). The average laboratory samples a population of 7,300 Amazon Mechanical Turk workers. Judgment and Decision Making, 10, 479-491. http://journal.sjdm.org/14/14725/jdm14725.pdf PDF 
Abstract
Raw data and analysis R code

Walasek, L., & Stewart, N. (2015). How to make loss aversion disappear and reverse: Tests of the decision by sampling origin of loss aversion. Journal of Experimental Psychology: General, 144, 7-11. doi: 10.1037/xge0000039 PDF 
Abstract
Supplementary materials
Code and raw data

2014

Gherzi, S., Egan, D., Stewart, N., Haisley, E., & Ayton, P. (2014). The meerkat effect: Personality and market returns affect investors' portfolio monitoring behavior. Journal of Economic Behavior & Organization, 107, 512-526. doi: 10.1016/j.jebo.2014.07.013 PDF 
Abstract

Noguchi, T., & Stewart, N. (2014). In the attraction, compromise, and similarity effects, alternatives are repeatedly compared in pairs on single dimensions. Cognition, 132, 44-56. doi: 10.1016/j.cognition.2014.03.006 PDF 
Abstract
Code and raw data

Noguchi, T., Stewart, N., Olivola, C. Y., Moat, H. S., & Preis, T. (2014). Characterizing the time-perspective of nations with search engine query data. PLoS ONE, 9, e95209. doi: 10.1371/journal.pone.0095209  PDF 
Abstract
Code and data

2013

Noguchi, T., Sanborn, A., & Stewart, N. (2013). Non-parametric estimation of the individual's utility map. In M. Knauff, M. Pauen, N. Sebanz & I. Wachsmuth (Eds.), Proceedings of the thirty-fifth annual conference of the Cognitive Science Society (pp. 3145-3150). Austin, TX: Cognitive Science Society. URL PDF 
Abstract

2012

Oaksford, M., Chater, N., & Stewart, N. (2012). Reasoning and decision making. In K. Frankish & W. Ramsey (Eds.), The Cambridge handbook of cognitive science (pp. 131-150). Cambridge, England: Cambridge University Press. PDF

2011

Kusev, P., Ayton, P., van Schaik, P., Tsaneva-Atanasova, K., Stewart, N., & Chater, N. (2011). Judgments relative to patterns: How temporal sequence patterns affect judgments and memory. Journal of Experimental Psychology: Human Performance and Perception, 37, 1874-1886. doi: 10.1037/a0025589
Abstract

Matthews, W. J., Stewart, N., & Wearden, J. H. (2011). Stimulus intensity and the perception of duration. Journal of Experimental Psychology: Human Perception and Performance, 37, 303-313. doi: 10.1037/a0019961
Supporting material
Abstract

Navarro-Martinez, D., Salisbury, L. C., Lemon, K. N., Stewart, N., Matthews, W. J., & Harris, A. J. L. (2011). Minimum required payment and supplemental information disclosure effects on consumer debt repayment decisions. Journal of Marketing Research, 48, S60-S77. doi: 10.1509/jmkr.48.SPL.S60
Abstract

Stewart, N. (2011). Information integration in risky choice: Identification and stability. Frontiers in Cognition, 2. doi: 10.3389/fpsyg.2011.00301

Ungemach, C., Stewart, N., & Reimers, S. (2011). How incidental values from our environment affect decisions about money, risk, and delay. Psychological Science, 22, 253-260. doi: 10.1177/0956797610396225
Abstract
Decision by sampling animation

Vlaev, I., Chater, N., Stewart, N., & Brown, G. D. A. (2011). Does the brain calculate value? Trends in Cognitive Sciences, 15, 546-554. doi: 10.1016/j.tics.2011.09.008
Abstract
Decision by sampling animation

2010

Brown, G. D. A., Stewart, N., & Wood, A. M. (2010). Cognitive science and behavioural economics. In K. Richards (Ed.), The new optimists (pp. 189-193). Birmingham, England: Linus.

Vlaev, I., Kusev, P., Stewart, N., Aldrovandi, S., & Chater, N. (2010). Domain effects and financial risk attitudes. Risk Analysis, 30, 1374-1386. doi: 10.1111/j.1539-6924.2010.01433.x
Abstract

2009

Matthews, W. J., & Stewart, N. (2009). Psychophysics and the judgment of price: Judging complex objects on a non-physical dimension elicits sequential effects like those in perceptual tasks. Judgment and Decision Making, 4, 64-81. http://journal.sjdm.org/81104/jdm81104.pdf
Abstract

Matthews, W. J., & Stewart, N. (2009). The effect of inter-stimulus interval on sequential effects in absolute identification. Quarterly Journal of Experimental Psychology, 62, 2014-2029. doi: 10.1080/17470210802649285
Abstract

Reimers, S., Maylor, E. A., Stewart, N., & Chater, N. (2009). Associations between a one-shot delay discounting measure and age, income, education and real-world impulsive behavior. Personality and Individual Differences, 47, 973-978. doi: 10.1016/j.paid.2009.07.026
Abstract

Reimers, S., & Stewart, N. (2009). Using SMS text messaging for teaching and data collection in the behavioral sciences. Behavior Research Methods, 41, 675-681. doi: 10.3758/BRM.41.3.675
Abstract

Stewart, N. (2009). The cost of anchoring on credit card minimum payments. Psychological Science, 20, 39-41. doi: 10.1111/j.1467-9280.2008.02255.x
Abstract
Supporting material

Stewart, N. (2009). Decision by sampling: The role of the decision environment in risky choice. Quarterly Journal of Experimental Psychology, 62, 1041-1062. doi: 10.1080/17470210902747112
Abstract and erratum
On-line calculator and source code
Decision by sampling animation

Stewart, N., & Matthews, W. J. (2009). Relative judgment and knowledge of the category structure. Psychonomic Bulletin & Review, 16, 594-599. doi: 10.3758/PBR.16.3.594
Abstract
Source code

Ungemach, C., Chater, N., & Stewart, N. (2009). Are probabilities overweighted or underweighted, when rare outcomes are experienced (rarely)? Psychological Science, 20, 473-479. doi: 10.1111/j.1467-9280.2009.02319.x
Abstract

Vlaev, I., Chater, N., & Stewart, N. (2009). Dimensionality of risk perception: Factors affecting consumer understanding and evaluation of financial risk. Journal of Behavioral Finance, 10, 158-181. doi: 10.1080/15427560903167720
Abstract

Zarkadi, T., Wade, K. A., & Stewart, N. (2009). Creating fair lineups for suspects with distinctive features. Psychological Science, 20, 1448-1453. doi: 10.1111/j.1467-9280.2009.02463.x
Abstract

2008

Matthews, W. J., & Stewart, N. (2008). The effect of stimulus range on two-interval frequency discrimination. Journal of the Acoustical Society of America, 123, EL45-EL51. doi: 10.1121/1.2884084
Abstract

Reimers, S., & Stewart, N. (2008). Using Adobe Flash Lite on mobile phones for psychological research: Reaction time measurement reliability and inter-device variability. Behavior Research Methods, 40, 1170-1176. doi: 10.3758/BRM.40.4.1170
Abstract

Stewart, N., & Ellis, A. W. (2008). Order of acquisition in learning perceptual categories: A laboratory analogue of the age of acquisition effect? Psychonomic Bulletin & Review, 15, 70-74. doi: 10.3758/PBR.15.1.70
Abstract
Raw data

Stewart, N., & Simpson, K. (2008). A decision-by-sampling account of decision under risk. In N. Chater & M. Oaksford (Eds.), The probabilistic mind: Prospects for Bayesian cognitive science (pp. 261-276). Oxford, England: Oxford University Press.
Abstract
On-line calculator and source code
Decision by sampling animation

Vlaev, I., Chater, N., & Stewart, N. (2008). Seeing is not enough: Manipulating choice options causes focusing and preference change in multiattribute risky decision making. Journal of Behavioral Decision Making, 21, 556-574. doi: 10.1002/bdm.601
Abstract

Vlaev, I., Stewart, N., & Chater, N. (2008). Risk preference discrepancy: A prospect relativity account of the discrepancy between risk preferences in laboratory gambles and real world investments. Journal of Behavioral Finance, 9, 132-148. doi: 10.1080/15427560802336673
Abstract

Wood, A. M., Maltby, J., Stewart, N., & Joseph, S. (2008). Conceptualizing gratitude and appreciation as a unitary personality trait. Personality and Individual Differences, 44, 619-630. doi: 10.1016/j.paid.2007.09.028
Abstract

Wood, A. M., Maltby, J., Stewart, N., Linley, P. A., & Joseph, S. (2008). A social-cognitive model of trait and state levels of gratitude. Emotion, 8, 281-290. doi: 10.1037/1528-3542.8.2.281
Abstract

2007

Reimers, S., & Stewart, N. (2007). Adobe flash as a medium for online experimentation: A test of reaction time measurement capabilities. Behavior Research Methods, 39, 365-370. doi: 10.3758/BF03193004
Abstract

Stewart, N. (2007). Absolute identification is relative: A reply to Brown, Marley, and Lacouture (2007). Psychological Review, 114, 533-538. doi: 10.1037/0033-295X.114.2.533
Abstract
Source code

Stewart, N., & Morin, C. (2007). Dissimilarity is used as evidence of category membership in multidimensional perceptual categorisation: A test of the similarity-dissimilarity generalised context model. Quarterly Journal of Experimental Psychology, 60, 1337-1346. doi: 10.1080/17470210701480444
Abstract

Vlaev, I., Chater, N., & Stewart, N. (2007). Financial prospect relativity: Context effects in financial decision-making under risk. Journal of Behavioral Decision Making, 20, 273-304. doi: 10.1002/bdm.555
Abstract

Vlaev, I., Chater, N., & Stewart, N. (2007). Relativistic financial decisions: Context effects on retirement saving and investment risk preferences. Judgment and Decision Making, 2, 292-311. http://journal.sjdm.org/7809/jdm7809.pdf
Abstract

2006

Adelman, J. S., & Stewart, N. (2006). Absolute identification is surprisingly faster with more closely spaced stimuli. In R. Sun & N. Miyake (Eds.), Proceedings of the twenty-eighth annual conference of the Cognitive Science Society (pp. 943-948). Mahwah, NJ: Erlbaum. URL
Abstract

Stewart, N. (2006). Millisecond accuracy video display using OpenGL under Linux. Behavior Research Methods, 38, 142-145. doi: 10.3758/BF03192759
Abstract
Source Code

Stewart, N. (2006). A PC parallel port button box provides millisecond response time accuracy under Linux. Behavior Research Methods, 38, 170-173. doi: 10.3758/BF03192764
Abstract
Source Code

Stewart, N., Chater, N., & Brown, G. D. A. (2006). Decision by sampling. Cognitive Psychology, 53, 1-26. doi: 10.1016/j.cogpsych.2005.10.003
Abstract
On-line calculator and source code
Decision by sampling animation

2005

Brown, G. D. A., McCormack, T., Smith, M., & Stewart, N. (2005). Identification and bisection of temporal durations and tone frequencies: Common models for temporal and non-temporal stimuli. Journal of Experimental Psychology: Human Perception and Performance, 31, 919-938. doi: 10.1037/0096-1523.31.5.919
Abstract

Stewart, N., & Brown, G. D. A. (2005). Similarity and dissimilarity as evidence in perceptual categorization. Journal of Mathematical Psychology, 49, 403-409. doi: 10.1016/j.jmp.2005.06.001
Abstract

Stewart, N., Brown, G. D. A., & Chater, N. (2005). Absolute identification by relative judgment. Psychological Review, 112, 881-911. doi: 10.1037/0033-295X.112.4.881
Abstract

2004

Stewart, N., & Brown, G. D. A. (2004). Sequence effects in categorizing tones varying in frequency. Journal of Experimental Psychology: Learning, Memory, and Cognition, 30, 416-430. doi: 10.1037/0278-7393.30.2.416
Abstract

2003

Reimers, S., Stewart, N., & Chater, N. (2003). Choice set options affect the valuation of risky prospects. In R. Alterman & D. Kirsh (Eds.), Proceedings of the twenty-fifth annual conference of the Cognitive Science Society (pp. 988-993). Boston, MA: Cognitive Science Society. URL
Abstract

Stewart, N., & Chater, N. (2003). No unified scales for perceptual magnitudes: Evidence from loudness. In R. Alterman & D. Kirsh (Eds.), Proceedings of the twenty-fifth annual conference of the Cognitive Science Society (pp. 1116-1121). Boston, MA: Cognitive Science Society. URL
Abstract

Stewart, N., Chater, N., Stott, H. P., & Reimers, S. (2003). Prospect relativity: How choice options influence decision under risk. Journal of Experimental Psychology: General, 132, 23-46. doi: 10.1037/0096-3445.132.1.23
Abstract

2002

Stewart, N., Brown, G. D. A., & Chater, N. (2002). Sequence effects in categorization of simple perceptual stimuli. Journal of Experimental Psychology: Learning, Memory, and Cognition, 28, 3-11. doi: 10.1037//0278-7393.28.1.3
Abstract

Stewart, N., & Chater, N. (2002). The effect of category variability in perceptual categorization. Journal of Experimental Psychology: Learning, Memory, and Cognition, 28, 893-907. doi: 10.1037//0278-7393.28.5.893
Abstract

URL
Abstract

2000

Wills, A. J., Reimers, S., Stewart, N., Suret, M., & McLaren I. P. L. (2000). Tests of the ratio rule in categorization. Quarterly Journal of Experimental Psychology, 53A, 983-1011. doi: 10.1080/713755935
Abstract