Models of decision making under risk and uncertainty (2015)
Authors
Abstract
(from the chapter) Formal models have a long and important history in the study of human decision-making. They have served as normative standards against which to compare real choices, as well as precise descriptions of actual choice behavior. This chapter begins with an overview of the historical development of decision theory and rational choice theory and then reviews how models have been used in their normative and descriptive capacities. Models covered include prospect theory, rank- and sign-dependent utility theories and their descendants, as well as cognitive models of human decision-making like Decision Field Theory and the Leaky Competing Accumulator Model, which are based on basic psychological principles rather than assumptions of rationality. (PsycINFO Database Record (c) 2015 APA, all rights reserved)
Bibliographic entry
Pleskac, T. J., Diederich, A., & Wallsten, T. S. (2015). Models of decision making under risk and uncertainty. In J. R. Busemeyer, Z. Wang, J. T. Townsend, & A. Eidels (Eds.), The Oxford handbook of computational and mathematical psychology (pp. 209-231). New York: Oxford University Press.
Miscellaneous
| Publication year | 2015 | |
|---|---|---|
| Document type: | In book | |
| Publication status: | Published | |
| External URL: | ||
| Categories: | ||
| Keywords: | *computational modeling*decision making*prospect theory*risk taking*uncertaintyrationalityrisk managementutility theory |