Decision science: From Ramsey to dual process theories (2010)
Authors
Abstract
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.
Bibliographic entry
Sahlin, N.-E., Wallin, A., & Persson, J. (2010). Decision science: From Ramsey to dual process theories. Synthese, 172, 129-143. doi:10.1007/s11229-009-9472-5 (Full text)
Miscellaneous
| Publication year | 2010 | |
|---|---|---|
| Document type: | Article | |
| Publication status: | Published | |
| External URL: | http://dx.doi.org/10.1007/s11229-009-9472-5 View | |
| Categories: | Expected Utility | |
| Keywords: | decision sciencedecision theorydecision-makingdual process theoryeconomic manexpected utilityhuman reasoningnormative manprospect theoryramseyrational angelrationality |