Understanding How People Decide: Decision-making Theories as Mental Representations 1
Year: 2015
Type: article
Abstract: This paper argues that instead of seeing the most influential theories in decision making as competitive, one may contemplate the possibility that they are part of a wider theory of decision-making. This theory looks at how people decide based on how they structure a mental representation of a complex reality. Further, it gives a brief presentation of the mainstream theories in decision-making: expected utility theory, prospect theory, bounded rationality, parallel games, Rawls' theory of justice and multi-criteria decision-making. The conclusions suggest that research in the field should include the current theories of decision-making as possible mental representations, while also acknowledging some important epistemological problems in this field.
Author: Alexandra Gheondea‐Eladi
Institutions: Institutul de Cercetare a Calităţii Vieţii, Romanian Academy
Language: English
Subfield: General Decision Sciences
Field: Decision Sciences
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W2198773768