Judgment and Decision Making

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JUDGMENT AND DECISION MAKING

Baruch Fischhoff

© 2010 JOHN WILEY AND SONS, LTD. WIRES COGN SCI

Abstract

The study of judgment and decision making entails three interrelated forms of research: (1) normative analysis, identifying the best courses of action, given decision makers’ values; (2) descriptive studies, examining actual behavior in terms comparable to the normative analyses; and (3) prescriptive interventions, helping individuals to make better choices, bridging the gap between the normative ideal and the descriptive reality. The research is grounded in analytical foundations shared by economics, psychology, philosophy, and management science. Those foundations provide a framework for accommodating affective and social factors that shape ...