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Author : Robert B. Branstrom
Publisher :
ISBN 13 :
Total Pages : 322 pages
Book Rating : 4.:/5 (34 download)
Download or read book Procedure Preference Reversals in Multiattribute Choice written by Robert B. Branstrom and published by . This book was released on 2000 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Marcus Selart
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Preference Reversals in Judgment and Choice written by Marcus Selart and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: According to normative decision theory there exists a principle of procedure invariance which states that a decision maker's preference order should remain the same, independently of which response mode is used. For example, the decision maker should express the same preference independently of whether he or she has to judge or decide. Nevertheless, previous research in behavioral decision making has suggested that judgments and choices yield different preference orders in both the risky and the riskless domain. In the latter, the prominence effect has been demonstrated. The main purpose of the present series of experiments was to test cognitive explanations which account for the prominence effect. One of the explanations provided a psychological account based primarily on decision-strategy compatibility. Two other explanations built on information structuring approaches. In the first one, the general idea was that decision makers differentiate between alternatives by value and belief restructuring. In the second approach, violations of invariance were assumed to be attributed to the information structure of the task which in many cases demand problem simplification. A prominence effect was in most experiments found for both choices and preference ratings. This finding spoke against the strategy compatibility explanation. Instead, the different forms of cognitive restructuring provided a better account. However, none of these provided a single explanation. Yet, the structure compatibility explanation appeared to be the more viable one, in particular of the relation between experimental manipulations and response mode outcomes. The predictions of the value-belief restructuring explanation, on the other hand, seemed to be more valid for the prominence effect found in choice than for preference ratings.
Author : Chang-Yuan Lee
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Are Preference Reversals Due to Decision Contexts Or Elicitation Procedures? A Theoretical Reconciliation written by Chang-Yuan Lee and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Preference reversals across decision contexts (e.g., acquisition versus forfeiture) and elicitation procedures (e.g., choice versus willingness-to-pay; WTP) provide foundational evidence that consumers' preferences are constructed--not revealed--in the decision-making process. We examine the interplay of decision context and elicitation effects. We find that preference reversals are mostly driven by decision context effects on choice, not on preference elicitations requiring monetary valuation, like WTP. In three classic paradigms--intertemporal tradeoffs, acquisition versus forfeiture, and the attraction effect--decision-context effects more often induced preference reversals when preferences were elicited through choice than when preferences were elicited through Willingness-to-Pay or Willingness-to-Accept (WTP/WTA), even with real money at stake. Preference reversals between decision contexts were less prevalent in WTP/WTA than in choice because attribute compatibility effects made market relevant attributes, that is, value relevant information, more salient and weighted heavily in WTP/WTA than in choice. The results (eight experiments; N=3,544) change our understanding of preference reversals and challenge the use of choice as the gold standard for preference elicitation.
Author : Erica Yu
Publisher : Frontiers E-books
ISBN 13 : 2889192709
Total Pages : 260 pages
Book Rating : 4.8/5 (891 download)
Download or read book Dynamics of decision making: from evidence to preference and belief written by Erica Yu and published by Frontiers E-books. This book was released on 2014-10-24 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the core of the many debates throughout cognitive science concerning how decisions are made are the processes governing the time course of preference formation and decision. From perceptual choices, such as whether the signal on a radar screen indicates an enemy missile or a spot on a CT scan indicates a tumor, to cognitive value-based decisions, such as selecting an agreeable flatmate or deciding the guilt of a defendant, significant and everyday decisions are dynamic over time. Phenomena such as decoy effects, preference reversals and order effects are still puzzling researchers. For example, in a legal context, jurors receive discrete pieces of evidence in sequence, and must integrate these pieces together to reach a singular verdict. From a standard Bayesian viewpoint the order in which people receive the evidence should not influence their final decision, and yet order effects seem a robust empirical phenomena in many decision contexts. Current research on how decisions unfold, especially in a dynamic environment, is advancing our theoretical understanding of decision making. This Research Topic aims to review and further explore the time course of a decision - from how prior beliefs are formed to how those beliefs are used and updated over time, towards the formation of preferences and choices and post-decision processes and effects. Research literatures encompassing varied approaches to the time-scale of decisions will be brought into scope: a) Speeded decisions (and post-decision processes) that require the accumulation of noisy and possibly non-stationary perceptual evidence (e.g., randomly moving dots stimuli), within a few seconds, with or without temporal uncertainty. b) Temporally-extended, value-based decisions that integrate feedback values (e.g., gambling machines) and internally-generated decision criteria (e.g., when one switches attention, selectively, between the various aspects of several choice alternatives). c) Temporally extended, belief-based decisions that build on the integration of evidence, which interacts with the decision maker's belief system, towards the updating of the beliefs and the formation of judgments and preferences (as in the legal context). Research that emphasizes theoretical concerns (including optimality analysis) and mechanisms underlying the decision process, both neural and cognitive, is presented, as well as research that combines experimental and computational levels of analysis.
Author : Amos Tversky
Publisher : MIT Press
ISBN 13 : 9780262700931
Total Pages : 1046 pages
Book Rating : 4.7/5 (9 download)
Download or read book Preference, Belief, and Similarity written by Amos Tversky and published by MIT Press. This book was released on 2003-11-21 with total page 1046 pages. Available in PDF, EPUB and Kindle. Book excerpt: Amos Tversky (1937–1996), a towering figure in cognitive and mathematical psychology, devoted his professional life to the study of similarity, judgment, and decision making. He had a unique ability to master the technicalities of normative ideals and then to intuit and demonstrate experimentally their systematic violation due to the vagaries and consequences of human information processing. He created new areas of study and helped transform disciplines as varied as economics, law, medicine, political science, philosophy, and statistics. This book collects forty of Tversky's articles, selected by him in collaboration with the editor during the last months of Tversky's life. It is divided into three sections: Similarity, Judgment, and Preferences. The Preferences section is subdivided into Probabilistic Models of Choice, Choice under Risk and Uncertainty, and Contingent Preferences. Included are several articles written with his frequent collaborator, Nobel Prize-winning economist Daniel Kahneman.
Author : Robin M. Hogarth
Publisher :
ISBN 13 :
Total Pages : 130 pages
Book Rating : 4.:/5 (37 download)
Download or read book Question Framing and Response Consistency written by Robin M. Hogarth and published by . This book was released on 1982 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sarah Lichtenstein
Publisher : Cambridge University Press
ISBN 13 : 1139457780
Total Pages : 709 pages
Book Rating : 4.1/5 (394 download)
Download or read book The Construction of Preference written by Sarah Lichtenstein and published by Cambridge University Press. This book was released on 2006-08-28 with total page 709 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the main themes that has emerged from behavioral decision research during the past three decades is the view that people's preferences are often constructed in the process of elicitation. This idea is derived from studies demonstrating that normatively equivalent methods of elicitation (e.g., choice and pricing) give rise to systematically different responses. These preference reversals violate the principle of procedure invariance that is fundamental to all theories of rational choice. If different elicitation procedures produce different orderings of options, how can preferences be defined and in what sense do they exist? This book shows not only the historical roots of preference construction but also the blossoming of the concept within psychology, law, marketing, philosophy, environmental policy, and economics. Decision making is now understood to be a highly contingent form of information processing, sensitive to task complexity, time pressure, response mode, framing, reference points, and other contextual factors.
Author : George Loewenstein
Publisher : Oxford University Press
ISBN 13 : 9780199257072
Total Pages : 688 pages
Book Rating : 4.2/5 (57 download)
Download or read book Exotic Preferences written by George Loewenstein and published by Oxford University Press. This book was released on 2007-08-02 with total page 688 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of how individual preferences are formed, whether they can be predicted and the extent to which they are influenced by emotion rather than reason.
Author : Kerstin Preuschoff
Publisher : Frontiers Media SA
ISBN 13 : 2889194663
Total Pages : 144 pages
Book Rating : 4.8/5 (891 download)
Download or read book Decision Making under Uncertainty written by Kerstin Preuschoff and published by Frontiers Media SA. This book was released on 2015-06-16 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most decisions in life are based on incomplete information and have uncertain consequences. To successfully cope with real-life situations, the nervous system has to estimate, represent and eventually resolve uncertainty at various levels. A common tradeoff in such decisions involves those between the magnitude of the expected rewards and the uncertainty of obtaining the rewards. For instance, a decision maker may choose to forgo the high expected rewards of investing in the stock market and settle instead for the lower expected reward and much less uncertainty of a savings account. Little is known about how different forms of uncertainty, such as risk or ambiguity, are processed and learned about and how they are integrated with expected rewards and individual preferences throughout the decision making process. With this Research Topic we aim to provide a deeper and more detailed understanding of the processes behind decision making under uncertainty.
Author : Nick Chater
Publisher : OUP Oxford
ISBN 13 : 0199216096
Total Pages : 535 pages
Book Rating : 4.1/5 (992 download)
Download or read book The Probabilistic Mind written by Nick Chater and published by OUP Oxford. This book was released on 2008 with total page 535 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Probabilistic Mind is a follow-up to the influential and highly cited Rational Models of Cognition (OUP, 1998). It brings together developmetns in understanding how, and how far, high-level cognitive processes can be understood in rational terms, and particularly using probabilistic Bayesian methods.
Author : Salvatore Greco
Publisher : Springer
ISBN 13 : 149393094X
Total Pages : 1356 pages
Book Rating : 4.4/5 (939 download)
Download or read book Multiple Criteria Decision Analysis written by Salvatore Greco and published by Springer. This book was released on 2016-02-18 with total page 1356 pages. Available in PDF, EPUB and Kindle. Book excerpt: In two volumes, this new edition presents the state of the art in Multiple Criteria Decision Analysis (MCDA). Reflecting the explosive growth in the field seen during the last several years, the editors not only present surveys of the foundations of MCDA, but look as well at many new areas and new applications. Individual chapter authors are among the most prestigious names in MCDA research, and combined their chapters bring the field completely up to date. Part I of the book considers the history and current state of MCDA, with surveys that cover the early history of MCDA and an overview that discusses the “pre-theoretical” assumptions of MCDA. Part II then presents the foundations of MCDA, with individual chapters that provide a very exhaustive review of preference modeling, along with a chapter devoted to the axiomatic basis of the different models that multiple criteria preferences. Part III looks at outranking methods, with three chapters that consider the ELECTRE methods, PROMETHEE methods, and a look at the rich literature of other outranking methods. Part IV, on Multiattribute Utility and Value Theories (MAUT), presents chapters on the fundamentals of this approach, the very well known UTA methods, the Analytic Hierarchy Process (AHP) and its more recent extension, the Analytic Network Process (ANP), as well as a chapter on MACBETH (Measuring Attractiveness by a Categorical Based Evaluation Technique). Part V looks at Non-Classical MCDA Approaches, with chapters on risk and uncertainty in MCDA, the decision rule approach to MCDA, the fuzzy integral approach, the verbal decision methods, and a tentative assessment of the role of fuzzy sets in decision analysis. Part VI, on Multiobjective Optimization, contains chapters on recent developments of vector and set optimization, the state of the art in continuous multiobjective programming, multiobjective combinatorial optimization, fuzzy multicriteria optimization, a review of the field of goal programming, interactive methods for solving multiobjective optimization problems, and relationships between MCDA and evolutionary multiobjective optimization (EMO). Part VII, on Applications, selects some of the most significant areas, including contributions of MCDA in finance, energy planning problems, telecommunication network planning and design, sustainable development, and portfolio analysis. Finally, Part VIII, on MCDM software, presents well known MCDA software packages.
Author : José M Medina
Publisher : Frontiers Media SA
ISBN 13 : 288919566X
Total Pages : 170 pages
Book Rating : 4.8/5 (891 download)
Download or read book Advances in Modern Mental Chronometry written by José M Medina and published by Frontiers Media SA. This book was released on 2015-05-19 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mental chronometry encompasses all aspects of time processing in the nervous system and constitutes a standard tool in many disciplines including theoretical and experimental psychology and human neuroscience. Mental chronometry has represented a fundamental approach to elucidate the time course of many cognitive phenomena and their underlying neural circuits over more than a century. Nowadays, mental chronometry continues evolving and expanding our knowledge, and our understanding of the temporal organization of the brain in combination with different neuroscience techniques and advanced methods in mathematical analysis. In research on mental chronometry, human reaction/responses times play a central role. Together with reaction times, other topics in mental chronometry include vocal, manual and saccadic latencies, subjective time, psychological time, interval timing, time perception, internal clock, time production, time representation, time discrimination, time illusion, temporal summation, temporal integration, temporal judgment, redundant signals effect, perceptual, decision and motor time, etc. The aim of this research topic is to provide an overview of the state of the art in this field?its relevance, recent findings, current challenges, perspectives and future directions. Thus, as a result, a collection of 14 original research and opinion papers from different experts have been gathered together in a single volume. We hope this research topic will provide a useful framework and an up-to-date set of papers for further discussion on mental chronometry within the human brain. We are grateful to all the referees for their valuable support, effort, and time during the creation of the research topic. Granada, April 2015 José M Medina Willy Wong José A Díaz Hans Colonius
Author : Daniel Kahneman
Publisher : Cambridge University Press
ISBN 13 : 9780521627498
Total Pages : 864 pages
Book Rating : 4.6/5 (274 download)
Download or read book Choices, Values, and Frames written by Daniel Kahneman and published by Cambridge University Press. This book was released on 2000-09-25 with total page 864 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the definitive exposition of 'prospect theory', a compelling alternative to the classical utility theory of choice. Building on the 1982 volume, Judgement Under Uncertainty, this book brings together seminal papers on prospect theory from economists, decision theorists, and psychologists, including the work of the late Amos Tversky, whose contributions are collected here for the first time. While remaining within a rational choice framework, prospect theory delivers more accurate, empirically verified predictions in key test cases, as well as helping to explain many complex, real-world puzzles. In this volume, it is brought to bear on phenomena as diverse as the principles of legal compensation, the equity premium puzzle in financial markets, and the number of hours that New York cab drivers choose to drive on rainy days. Theoretically elegant and empirically robust, this volume shows how prospect theory has matured into a new science of decision making.
Author : Kazuhisa Takemura
Publisher : Springer Nature
ISBN 13 : 9811654530
Total Pages : 389 pages
Book Rating : 4.8/5 (116 download)
Download or read book Behavioral Decision Theory written by Kazuhisa Takemura and published by Springer Nature. This book was released on 2021-09-29 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the second edition of Behavioral Decision Theory, published in 2014. The main approach and structure of this book have been retained in the new edition. However, this second edition provides a fresh overview of the idea of behavioral decision theory and related research findings such as theoretical and empirical discoveries of preference formation, time discounting, social interaction, and social decision making. The book covers a wide range from classical to relatively recent major studies concerning behavioral decision theory, which, in brief, is a general term for descriptive theories to explain the psychological knowledge related to people’s decision-making behavior. It is called a theory but is actually a combination of various psychological theories, for which no axiomatic systems—such as those associated with the utility theory widely used in economics—have been established. The utility theory is often limited to qualitative knowledge; however, as the studies of Nobel laureates H. A. Simon, D. Kahneman, and R. Thaler have suggested, the psychological methodology and knowledge of behavioral decision theory have been applied widely in such fields as economics, business administration, and engineering and are expected to become even more useful in the future. Research into people’s decision making represents an important part in those fields, various aspects of which overlap with the scope of behavioral decision theory. This theory is closely related to behavioral economics and behavioral finance, which have come into greater use in recent years. This book will appeal especially to graduate students, advanced undergraduate students, and researchers who are interested in decision-making phenomena.
Author : Ray Crozier
Publisher : Routledge
ISBN 13 : 1134726783
Total Pages : 272 pages
Book Rating : 4.1/5 (347 download)
Download or read book Decision Making written by Ray Crozier and published by Routledge. This book was released on 2002-09-11 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers an exciting new collection of recent research on the actual processes that humans use when making decisions in their everyday lives and in business situations. The contributors use cognitive psychological techniques to break down the constituent processes and set them in their social context. The contributors are from many different countries and draw upon a wide range of techniques, making this book a valuable resource to cognitive psychologists in applied settings, economists and managers.
Author : Yushi Guo
Publisher :
ISBN 13 :
Total Pages : 334 pages
Book Rating : 4.:/5 ( download)
Download or read book Differentiation, Coherence, and Similarity written by Yushi Guo and published by . This book was released on 2005 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robin M. Hogarth
Publisher : University of Chicago Press
ISBN 13 : 9780226348551
Total Pages : 376 pages
Book Rating : 4.3/5 (485 download)
Download or read book Insights in Decision Making written by Robin M. Hogarth and published by University of Chicago Press. This book was released on 1990-04-18 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: How do people make decisions? How can we help people make better decisions? How can we best study the processes of decision making? The growing field of behavioral decision research, which seeks to link observed decision behavior to underlying psychological mechanisms, may provide the answers to these questions. The volume is based on a recent conference held to honor the work and memory of the late Hillel J. Einhorn, a pioneering scholar in behavioral decision research. Composed of contributions by leading researchers, Insights in Decision Making provides a state-of-the-art image of work in this field. The range of topics covered includes conceptual and technical issues the bridge the gap between theory and the practical concern of improving decision making, difficulties in statistical thinking, experimental studies of processes of judgment and choice, and the emergence of new paradigms for studying decision behavior. Providing many avenues for future research, Insights in Decision Making will be essential reading for students of the psychology of decision making and will prove valuable to readers in psychology, economics, statistics, and management.
