Polsek, Darko and Bokulic, Marko (2013) Two Paradigms Explaining Cognitive Bias in Decision-Making: "Behavioral Economics" and "Ecological Rationality". DRUSTVENA ISTRAZIVANJA, 22 (2). pp. 303-323. ISSN 1330-0288,
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In this paper the authors review a variety of empirical findings, research directions and tenets of two paradigms in heuristics and bias research: of behavioral economics (following Kahneman and Tversky's findings), and of the "less-is-more", i.e. ecological rationality research (which follows findings by G. Gigerenzer). While explaining empirical research in behavioral economics (BE), the authors describe a "classical economic" model of rationality, the rational choice theory, which is contradicted by results in behavioral economics. BE researchers use rational choice theory as a norm, so their findings are typically explained or documented by "insufficient adjustment" to, or by a bias from the rational norm. The second paradigm, however, typically documents "sufficiently good" decisions made while using "simple, frugal and smart" heuristics, such as "take-the-best". It claims that "irrationality" in decision-making stems from the inappropriate application of the given heuristics in ecologically unsuitable situations.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | ; behavioral economics; heuristics; bias; fast-and-frugal heuristics; Kahneman; Tversky; Gigerenzer |
| Subjects: | 100 Philosophy & psychology > 150 Psychology |
| Divisions: | Human Sciences > Institut für Psychologie > Lehrstuhl für Psychologie V (Sozial-, Arbeits- und Organisationspsychologie) - Prof. Dr. Peter Fischer |
| Depositing User: | Dr. Gernot Deinzer |
| Date Deposited: | 17 Apr 2020 07:08 |
| Last Modified: | 17 Apr 2020 07:08 |
| URI: | https://pred.uni-regensburg.de/id/eprint/16851 |
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