Incredibly grateful to my brilliant supervisors Adam Harris and @singmann.bsky.social, and all the other collaborators and mentors at UCL and other universities who supported my research and development - looking back, it feels like the PhD passed way too quickly!

Overall, we find that participants are relatively good in terms of the qualitative strategies they employ. However, we also document the influence of loss chasing, scope insensitivity, and opportunity cost neglect, which increase deviation from optimality in certain conditions.

We derive optimal strategies for three different types of extinction and near-extinction events and compare them to participants' choices in three experiments. We also use a (dependent) mixture model to describe strategies on an individual level.

People often need to make decisions that involve risks with irrecoverable losses. To study these types of decisions, we developed a new task in which participants lose their (entire) bonus pay when drawing an extinction option.

We derive optimal strategies for three different types of extinction and near-extinction events and compare them to participants' choices in three experiments. We also use a (dependent) mixture model to describe strategies on an individual level.

To facilitate application, we also provide an implementation in the R package RoBTT and a JASP version.