Do people make decisions under risk based on ignorance? An empirical test of the priority heuristic against cumulative prospect theory

Brandstätter, Gigerenzer, and Hertwig [Brandstätter, E., Gigerenzer, G., & Hertwig, R. (2006). The Priority Heuristic: Making choices without trade-offs. Psychological Review, 113(2), 409–432] put forward the priority heuristic (PH) as a fast and frugal heuristic for decisions under risk. Accord...

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Bibliographic Details
Published in:	Organizational behavior and human decision processes Vol. 107; no. 1; pp. 75 - 95
Main Authors:	Glöckner, Andreas, Betsch, Tilmann
Format:	Journal Article
Language:	English
Published:	Amsterdam Elsevier Inc 01.09.2008 Elsevier Elsevier Science Publishing Company, Inc
Series:	Organizational Behavior and Human Decision Processes
Subjects:	Biological and medical sciences Bounded rationality Cognition. Intelligence Cumulative prospect theory Decision latency Decision making Decision making models Decision making. Choice Decision strategy Decisions Expected utility Fast and frugal heuristics Fundamental and applied biological sciences. Psychology Heuristic Heuristics Ignorance Individual behaviour Information Organizational behaviour Predictions Priorities Process tracing Prospect theory Psychology. Psychoanalysis. Psychiatry Psychology. Psychophysiology Risk theory Risks Studies Variables Decision latency Fast and frugal heuristics Cumulative prospect theory Decision strategy Process tracing Bounded rationality Human Rational irrational Decision making Theory Heuristics Risk Experimental study Strategy
ISSN:	0749-5978, 1095-9920
Online Access:	Get full text
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