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In this article, I review the approach taken by behavioral ecologists to the study of animal foraging behavior and explore connections with general analyses of decision making. I use the example of patch exploitation decisions in this article in order to develop several key points about the...
In recent years, a lively debate in neuroeconomics has focused on what appears to be a fundamental question: Is the brain a unitary or a dual system? We are still far from a consensus view. The accumulating evidence supports both sides of the debate. A reason for the difficulty in reaching a...
This article focuses on both daily forms of weakness of will as discussed in the philosophical debate (usually referred to as akrasia ) and psychopathological phenomena as impairments of decision making. We argue that both descriptions of dysfunctional decision making can be organized within a...
Emerging evidence suggests that the long-established distinction between habit-based and goal-directed decision-making mechanisms can also be sustained in humans. Although the habit-based system has been extensively studied in humans, the goal-directed system is less well characterized. This...
Making decisions is an integral part of everyday life. Social psychologists have demonstrated in many studies that humans’ decisions are frequently and strongly influenced by the opinions of others—even in simple perceptual decisions, where, for example, participants have to judge what an...
Damage to the ventromedial frontal cortex (VMFC) in humans is associated with deficits in decision making. Decision making, however, often happens while people are interacting with others, where it is important to take the social consequences of a course of action into account. It is well known...
Decision making requires evaluating alternatives that differ on a number of attributes. During this evaluation process, selection of options depends on the duration of the options, the duration of the expected delay for realizing the options, and the time available to reach a decision. This...
Research on the neural basis that underlies decision making in humans has revealed that these processes are mediated by distributed neural networks that incorporate different regions of the frontal lobes, the amygdala, the ventral striatum, and the dopamine system. In the present article, we...
When modeling valuation under uncertainty, economists generally prefer expected utility because it has an axiomatic foundation, meaning that the resulting choices will satisfy a number of rationality requirements. In expected utility theory, values are computed by multiplying probabilities of...
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