Edited by Arthur Schram and Aljaž Ule
Chapter 12: Taking process into account when modeling risky choice
Most theories of risky choice model individuals as if they have precise and stable preferences so that their decisions will be made more or less effortlessly and will exhibit high degrees of consistency and reliability. The reality, however, is rather different: for most people, there will be numerous cases where they are uncertain about their preferences, where their decisions may change from one occasion to another within quite a short space of time, where they may find it difficult to decide and where, having made a decision, they are less than fully confident that they made the right choice. To account for these features of people’s behavior, we need to understand better the processes by which individuals arrive at their decisions. This chapter discusses how such processes might be modelled and considers some of the implications for future directions in the development of decision theories.
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