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The future of decisions from experience : connecting real-world decision problems to cognitive processes
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Olschewski, Sebastian, Luckman, Ashley, Mason, Alice, Ludvig, Elliot Andrew and Konstantinidis, Emmanouil (2024) The future of decisions from experience : connecting real-world decision problems to cognitive processes. Perspectives on Psychological Science, 19 (1). pp. 82-102. doi:10.1177/17456916231179138 ISSN 1745-6916.
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Official URL: https://doi.org/10.1177/17456916231179138
Abstract
In many important real-world decision domains, such as finance, the environment, and health, behavior is strongly influenced by experience. Renewed interest in studying this influence led to important advancements in the understanding of these decisions from experience (DfE) in the last 20 years. Building on this literature, we suggest ways the standard experimental design should be extended to better approach important real-world DfE. These extensions include, for example, introducing more complex choice situations, delaying feedback, and including social interactions. When acting upon experiences in these richer and more complicated environments, extensive cognitive processes go into making a decision. Therefore, we argue for integrating cognitive processes more explicitly into experimental research in DfE. These cognitive processes include attention to and perception of numeric and nonnumeric experiences, the influence of episodic and semantic memory, and the mental models involved in learning processes. Understanding these basic cognitive processes can advance the modeling, understanding and prediction of DfE in the laboratory and in the real world. We highlight the potential of experimental research in DfE for theory integration across the behavioral, decision, and cognitive sciences. Furthermore, this research could lead to new methodology that better informs decision-making and policy interventions.
Item Type: | Journal Article | ||||||||
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Subjects: | B Philosophy. Psychology. Religion > BF Psychology | ||||||||
Divisions: | Faculty of Science, Engineering and Medicine > Science > Psychology | ||||||||
Library of Congress Subject Headings (LCSH): | Decision making, Cognitive psychology, Uncertainty, Risk-taking (Psychology), Experience, Experiential learning | ||||||||
Journal or Publication Title: | Perspectives on Psychological Science | ||||||||
Publisher: | Sage | ||||||||
ISSN: | 1745-6916 | ||||||||
Book Title: | The Future of Decisions from Experience: Connecting Real-World Decision Problems to Cognitive Processes | ||||||||
Official Date: | January 2024 | ||||||||
Dates: |
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Volume: | 19 | ||||||||
Number: | 1 | ||||||||
Page Range: | pp. 82-102 | ||||||||
DOI: | 10.1177/17456916231179138 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Re-use Statement: | Posted ahead of print. Olschewski, S., Luckman, A., Mason, A., Ludvig, E. A., & Konstantinidis, E. The Future of Decisions from Experience: Connecting Real-World Decision Problems to Cognitive Processes, Perspectives on Psychological Science (Volume Number and Issue Number) pp. xx-xx. Copyright © 2023, Authors. Reprinted by permission of SAGE Publications. [DOI] Users who receive access to an article through a repository are reminded that the article is protected by copyright and reuse is restricted to non-commercial and no derivative uses. | ||||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||||
Copyright Holders: | © The Author(s) 2023 | ||||||||
Date of first compliant deposit: | 16 May 2023 | ||||||||
Date of first compliant Open Access: | 17 May 2023 | ||||||||
Related URLs: | |||||||||
Open Access Version: |
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