What is behind the priority heuristic? A mathematical analysis and comment on Brandstätter, Gigerenzer, and Hertwig (2006)

Psychological Review
Marc Oliver Rieger, Mei Wang

Abstract

Comments on the article by E. Brandstätter, G. Gigerenzer, and R. Hertwig. The authors discuss the priority heuristic, a recent model for decisions under risk. They reanalyze the experimental validity of this approach and discuss how these results compare with cumulative prospect theory, the currently most established model in behavioral economics. They also discuss how general models for decisions under risk based on a heuristic approach can be understood mathematically to gain some insight in their limitations. They finally consider whether the priority heuristic model can lead to some understanding of the decision process of individuals or whether it is better seen as an as-if model.

Citations

Oct 17, 2013·Brain and Cognition·Li-Lin RaoShu Li
Jun 25, 2013·Journal of Consumer Psychology : the Official Journal of the Society for Consumer Psychology·Eric J Johnson
Sep 19, 2008·Annual Review of Psychology·Elke U Weber, Eric J Johnson

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