Year: 2013
Type: article
Abstract: Current dynamic models of decision-making assume that a unitary system is responsible for forming preferences.However, extensive research has shown that decision-making and behavior result from the interaction of two separate systems of reasoning -one that is fast, automatic, and experiential and one that is slow, deliberative and rational.This paper develops the first dynamic dual-process model of decision-making that can account for choice, response times, and prices.The model is applied to several phenomena from the risky decisionmaking literature including enhancements in preference by small losses, preference reversals due to response mode, and the influence of price and affect on preference.
Author: Jennifer S. Trueblood
Institution: University of California, Irvine
Language: English
Subfield: General Decision Sciences
Field: Decision Sciences
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W2403186289