Behavioral Decision Research: A Constructive Processing Perspective

Behavioral Decision Research: A Constructive Processing Perspective Almost 40 years ago, Ward Edwards ( 1 954) provided the first major review for psychologists of research on decision behavior done by economists, statisticians, and philosophers. He argued that work by economists and others on both normative and predictive decision models should be important to psychologists interested in judgment and choice. About the same time, Her­ bert Simon ( 1 955) argued that if economists were interested in understanding actual decision behavior, then research would need to focus on the perceptual, cognitive, and learning factors that cause human decision behavior to deviate from that predicted by the normative "economic man" model. Simon empha­ sized that the limited computational capabilities of the decision-maker interact with the complexity of task environments to produce bounded rationality­ i.e. decision behavior that reflects information processing bounds. As a consequence, Simon suggested that actual decision behavior might not even approximate the behavior predicted by normative models of decision tasks (Simon 1 978) . Nearly four decades later, a clear and separate area of inquiry has emerged, which we refer to as Behavioral Decision Research (BDR). This area is intensely interdisciplinary, employing concepts and models from economics, social and cognitive psychology, statistics, and other http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Annual Review of Psychology Annual Reviews

Behavioral Decision Research: A Constructive Processing Perspective

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Abstract

Almost 40 years ago, Ward Edwards ( 1 954) provided the first major review for psychologists of research on decision behavior done by economists, statisticians, and philosophers. He argued that work by economists and others on both normative and predictive decision models should be important to psychologists interested in judgment and choice. About the same time, Her­ bert Simon ( 1 955) argued that if economists were interested in understanding actual decision behavior, then research would need to focus on the perceptual, cognitive, and learning factors that cause human decision behavior to deviate from that predicted by the normative "economic man" model. Simon empha­ sized that the limited computational capabilities of the decision-maker interact with the complexity of task environments to produce bounded rationality­ i.e. decision behavior that reflects information processing bounds. As a consequence, Simon suggested that actual decision behavior might not even approximate the behavior predicted by normative models of decision tasks (Simon 1 978) . Nearly four decades later, a clear and separate area of inquiry has emerged, which we refer to as Behavioral Decision Research (BDR). This area is intensely interdisciplinary, employing concepts and models from economics, social and cognitive psychology, statistics, and other

Journal

Annual Review of PsychologyAnnual Reviews

Published: Feb 1, 1992

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