What is the field of Judgment and Decision-Making?

Via Decision Science News

The point is, for better or for worse, the majority of JDM research has always been about the difference between formalisms and human behavior. The formalisms are drawn from economics, mathematics, and psychology as Edwards said, and I’d guess that the following list of formal models (with examples of JDM research areas in parens) is close to complete:

  • probability (base-rate neglect / conservatism, confidence),
  • logic (Wason selection task),
  • subjective expected utility (Prospect Theory, Support Theory),
  • choice axioms (Independence of irrelevant alternatives, attraction / compromise effects)
  • statistics
    • sampling (Representativeness, law of small numbers, probability weighting, decisions from experience)
    • inference (lens model, fast&frugal heuristics)
    • estimation (availability, anchoring, risk perception

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11. October 2010 by Miguel Barbosa
Categories: Curated Readings, Psychology & Sociology | Leave a comment

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