A perspective on judgment and choice: Mapping bounded rationality.
2003/01/01 by Daniel Kahneman · 86 citations
Decision Sciences · Arts and Humanities · Computer Science · #Decision-Making and Behavioral Economics #Epistemology, Ethics, and Metaphysics #Bayesian Modeling and Causal Inference
paper · doi:10.1037/0003-066x.58.9.697
Abstract
Early studies of intuitive judgment and decision making conducted with the late Amos Tversky are reviewed in the context of two related concepts: an analysis of accessibility, the ease with which thoughts come to mind; a distinction between effortless intuition and deliberate reasoning. Intuitive thoughts, like percepts, are highly accessible. Determinants and consequences of accessibility help explain the central results of prospect theory, framing effects, the heuristic process of attribute substitution, and the characteristic biases that result from the substitution of nonextensional for extensional attributes. Variations in the accessibility of rules explain the occasional corrections of intuitive judgments. The study of biases is compatible with a view of intuitive thinking and decision making as generally skilled and successful.
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