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Establishing the laws of preferential choice behavior
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Bhatia, Sudeep, Loomes, Graham and Read, Daniel (2021) Establishing the laws of preferential choice behavior. Judgment and Decision Making, 16 (6). pp. 1324-1369. ISSN 1930-2975.
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Official URL: http://journal.sjdm.org/vol16.6.html
Abstract
Mathematical and computational decision models are powerful tools for studying choice behavior, and hundreds of distinct decision models have been proposed over the long interdisciplinary history of decision making research. The existence of so many models has led to theoretical fragmentation and redundancy, obscuring key insights into choice behavior, and preventing consensus about the essential properties of pref- erential choice. We provide a synthesis of formal models of risky, multiattribute, and intertemporal choice, three important domains in decision making. We identify recur- ring insights discovered by scholars of different generations and different disciplines across these three domains, and use these insights to classify over 150 existing mod- els as involving various combinations of eight key mathematical and computational properties. These properties capture the main avenues of theoretical development in decision making research and can be used to understand the similarities and differences between decision models, aiding both theoretical analyses and empirical tests.
| Item Type: | Journal Article | ||||||
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| Subjects: | B Philosophy. Psychology. Religion > BF Psychology H Social Sciences > HD Industries. Land use. Labor |
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| Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School |
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| Library of Congress Subject Headings (LCSH): | Decision making , Decision making -- Mathematical models , Choice (Psychology), Decision making -- Computer simulation , Risk-taking (Psychology) | ||||||
| Journal or Publication Title: | Judgment and Decision Making | ||||||
| Publisher: | Society for Judgment and Decision Making | ||||||
| ISSN: | 1930-2975 | ||||||
| Official Date: | November 2021 | ||||||
| Dates: |
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| Volume: | 16 | ||||||
| Number: | 6 | ||||||
| Page Range: | pp. 1324-1369 | ||||||
| Status: | Peer Reviewed | ||||||
| Publication Status: | Published | ||||||
| Access rights to Published version: | Open Access (Creative Commons) | ||||||
| Date of first compliant deposit: | 2 December 2021 | ||||||
| Date of first compliant Open Access: | 6 December 2021 | ||||||
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| Open Access Version: |
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