The psychology and rationality of decisions from experience

Hertwig, Ralph. (2011) The psychology and rationality of decisions from experience. Synthese, 187. p. 269.

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Most investigations into how people make risky choices have employed a simple drosophila: monetary gambles involving stated outcomes and probabilities. People are asked to make decisions from description.When people decide whether to back up their computer hard drive, cross a busy street, or go out on a date, however, they do not enjoy the convenience of stated outcomes and probabilities. People make such decisions either in the void of ignorance or in the twilight of their own often limited experience of such real-world options. In the latter case, they make decisions from experience. Recent research has consistently documented that decisions from description and decisions from experience can lead to substantially different choices. Key in this description–experience gap is people’s treatment of rare events. In this paper, I briefly review studies that have documented the description–experience gap, offer several explanations for this gap, and discuss to what exten
Faculties and Departments:07 Faculty of Psychology > Departement Psychologie > Ehemalige Einheiten Psychologie > Cognitive and Decision Sciences (Hertwig)
UniBasel Contributors:Hertwig, Ralph
Item Type:Article, refereed
Article Subtype:Research Article
Note:Publication type according to Uni Basel Research Database: Journal article
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Last Modified:30 Nov 2017 10:06
Deposited On:30 Nov 2017 10:06

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