24 Judgment and Decision Making
VIII. THOUGHT PROCESSES
Published Online: 26 SEP 2012
Copyright © 2013 John Wiley & Sons, Inc. All rights reserved.
Handbook of Psychology, Second Edition
How to Cite
Diederich, A. and Busemeyer, J. R. 2012. Judgment and Decision Making. Handbook of Psychology, Second Edition. 4:VIII:24.
- Published Online: 26 SEP 2012
Judgment and decision making is an interdisciplinary field with many facets. Psychological approaches primarily focus on describing and understanding human behavior in (experimental) decision-making situations. Various methods to elicit judgments are described. Numerical probability estimates are evaluated according to rules derived from probability theory—that is, coherence—and overall accuracy-that is calibration. Experiments show under what circumstances coherence is violated and judgments are not well calibrated. Theoretical approaches to account for the observed behavior are presented: heuristics and bias-based models, including affect heuristic, fast and frugal heuristics; signal detection-based models; ecological models; error models; and dual-process models.
The second part of the chapter describes six different types of decision making: (1) Decision making under risk and uncertainty in which each course of action produces a set of possible consequences; (2) intertemporal decision making in which a person has to choose among actions that have future consequences; (3) multi-attribute decision making under certainty with conflicting attributes; (4) experience-based decision making, in which a person learns to make decisions from trial-by-trial experience and feedback; (5) dynamic decision making in which the person must make a plan for a sequence of decisions across time; (6) decision neuroscience.
- experienced based;