Decision Science : From Ramsey to Dual Process Theories
Author
Summary, in English
The hypothesis that human reasoning and decision-making can be roughly modeled by Expected Utility Theory has been at the core of decision science. Accumulating evidence has led researchers to modify the hypothesis. One of the latest additions to the field is Dual Process theory, which attempts to explain variance between participants and tasks when it comes to deviations from Expected Utility Theory. It is argued that Dual Process theories at this point cannot replace previous theories, since they, among other things, lack a firm conceptual framework, and have no means of producing independent evidence for their case.
Department/s
Publishing year
2010
Language
English
Pages
129-143
Publication/Series
Synthese
Volume
172
Issue
1
Full text
- Available as PDF - 161 kB
- Download statistics
Links
Document type
Journal article
Publisher
Springer
Topic
- Medical and Health Sciences
- Philosophy
Keywords
- decision science
- decision theory
- human reasoning
- decision-making
- dual process theory
- rationality
- prospect theory
- economic man
- Ramsey
- normative man
- expected utility
Status
Published
ISBN/ISSN/Other
- ISSN: 0039-7857