Are you an exception to your favorite decision theory? Behavioral decision research is a linda problem!

Decision ◽  
2022 ◽  
Author(s):  
Michel Regenwetter ◽  
Maria M. Robinson ◽  
Cihang Wang
Keyword(s):  
Decision Theory ◽  
Behavioral Decision ◽  
Linda Problem ◽  
Decision Research

scholarly journals Behavioral decision research is not a Linda problem: Comment on Regenwetter, Robinson, and Wang (in press)

2021 ◽  
Author(s):  
David Kellen
Keyword(s):  
Decision Making ◽  
Prospect Theory ◽  
Critical Analysis ◽  
Aggregate Level ◽  
Seminal Paper ◽  
Behavioral Decision ◽  
Linda Problem ◽  
Decision Research

Regenwetter, Robinson, and Wang (in press) argue that research on decision making is plagued with conjunction fallacies or “Linda Effects”. As a case study, they provide a critical analysis of Kahneman and Tversky’s seminal paper on Prospect Theory and its 1992 sequel. This commentary evaluates their criticisms and ultimately finds them to be predicated on a number of misconceptions. As argued below, a reliance on stylized effects at the aggregate level is perfectly legitimate when dismissing a received view and first proposing a new account that organizes said effects in theoretically-meaningful ways.

Value: Behavioral Decision Theory

1967 ◽  
Vol 18 (1) ◽  
pp. 239-286 ◽  
Author(s):  
G M Becker ◽  
C G McClintock
Keyword(s):  
Decision Theory ◽  
Behavioral Decision Theory ◽  
Behavioral Decision

scholarly journals Behavioral Decision Research Intervention Reduces Risky Sexual Behavior

2015 ◽  
Vol 13 (5) ◽  
pp. 439-446 ◽  
Author(s):  
Julie Downs ◽  
Wandi Bruine de Bruin ◽  
Baruch Fischhoff ◽  
Pamela Murray
Keyword(s):  
Sexual Behavior ◽  
Risky Sexual Behavior ◽  
Behavioral Decision ◽  
Decision Research

scholarly journals The construct–behavior gap in behavioral decision research: A challenge beyond replicability.

2017 ◽  
Vol 124 (5) ◽  
pp. 533-550 ◽  
Author(s):  
Michel Regenwetter ◽  
Maria M. Robinson
Keyword(s):  
Behavioral Decision ◽  
Decision Research

Behavioral Decision Theory

2020 ◽  
Author(s):  
Kazuhisa Takemura
Keyword(s):  
Decision Making ◽  
Decision Theory ◽  
Behavioral Economics ◽  
Behavioral Finance ◽  
Utility Theory ◽  
Normative Theory ◽  
Behavioral Decision Theory ◽  
Behavioral Decision ◽  
Descriptive Theory ◽  
Human Decision

Behavioral decision theory is a descriptive psychological theory of human judgment, decision making, and behavior that can be applied to political science. Behavioral decision theory is closely related to behavioral economics and behavioral finance. Behavioral economics is an attempt to understand actual human economic behavior, and behavioral finance studies human behavior in financial markets. Research on people’s decision making represents an important part of these fields, in which various aspects overlap with the scope of behavioral decision theory. Behavioral decision theory focuses on the decision-making phenomena that are broadly divisible into those under certainty, those under risk, and others under uncertainty that includes ambiguity and ignorance. What are the theoretical frameworks that could be used to explain the decision-making phenomenon? Although numerous theories related to decision making have been developed, they are, in essence, often broadly divided into two types: normative theory and descriptive theory. The former is intended to support rational decision making. The latter describes how people actually make decisions. Both normative and descriptive theories reflect the nature of actual human decision making to a degree. Even descriptive theory seeks a certain level of rationality in actual human decision making. Consequently, the two are mutually indistinguishable. Nonetheless, a major example of normative theory is regarded as the system of utility theory that is widely used in economics. A salient example of descriptive theory is behavioral decision theory. Utility theory has numerous variations, such as linear and nonlinear utility theories. Most theories have established axioms and mathematically developed principles. In contrast, behavioral decision theory covers a considerably wide range of variations of theoretical expressions, including theories that have been developed mathematically (such as prospect theory) and those expressed only with natural language (such as multiattribute decision-making process models). Behavioral decision theory has integrated the implications of the normative theory, descriptive theory, and prescriptive theory that help people to make better decisions.

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