Decision Science: From Ramsey to Dual Process Theories

Research output: Contribution to journalArticle

Abstract

The hypothesis that human reasoning and decision-making can be roughly modeled by Expected Utility Theory has been at the core of decision science. Accumulating evidence has led researchers to modify the hypothesis. One of the latest additions to the field is Dual Process theory, which attempts to explain variance between participants and tasks when it comes to deviations from Expected Utility Theory. It is argued that Dual Process theories at this point cannot replace previous theories, since they, among other things, lack a firm conceptual framework, and have no means of producing independent evidence for their case.

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Research areas and keywords

Subject classification (UKÄ) – MANDATORY

  • Medical and Health Sciences
  • Philosophy

Keywords

  • decision science, decision theory, human reasoning, decision-making, dual process theory, rationality, prospect theory, economic man, Ramsey, normative man, expected utility
Original languageEnglish
Pages (from-to)129-143
JournalSynthese
Volume172
Issue number1
Publication statusPublished - 2010
Publication categoryResearch
Peer-reviewedYes

Bibliographic note

This is a draft version. The article is available at Synthese's web site online first: http://www.springerlink.com/content/pm5766236j327277/

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