Synthese 189 (S1):67-80 (2012)
AbstractThe study of decision making has traditionally been dominated by axiomatic utility theories. More recently, an alternative approach, which focuses on the micro-mechanisms of the underlying deliberation process, has been shown to account for several "paradoxes" in human choice behavior for which simple utility-based approaches cannot. Decision field theory (DFT) is a cognitive-dynamical model of decision making and preferential choice, built on the fundamental principle that decisions are based on the accumulation of subjective evaluations of choice alternatives until a threshold criterion is met. This article extends the basic DFT framework to the domain of dynamic decision making. DFT-Dynamic is proposed as a new alternative to normative backward induction. Through its attention to the processes underlying planning and deliberation DFT-D provides simple, emergent explanations for violations of choice principles traditionally taken as evidence of irrationality. A recent multistage decision making study is used to showcase the model's efficacy for developing cognitive models of individual strategies
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References found in this work
Decision Field Theory: A Dynamic-Cognitive Approach to Decision Making in an Uncertain Environment.Jerome R. Busemeyer & James T. Townsend - 1993 - Psychological Review 100 (3):432-459.
The Time Course of Perceptual Choice: The Leaky, Competing Accumulator Model.Marius Usher & James L. McClelland - 2001 - Psychological Review 108 (3):550-592.
Prospect Theory: An Analysis of Decision Under Risk.D. Kahneman & A. Tversky - 1979 - Econometrica: Journal of the Econometric Society:263--291.
Citations of this work
Make‐or‐Break: Chasing Risky Goals or Settling for Safe Rewards?Pantelis P. Analytis, Charley M. Wu & Alexandros Gelastopoulos - 2019 - Cognitive Science 43 (7).
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