psychological decision theory

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A normative (2) and descriptive approach to judgement and decision introduced in the early 1970s by the Israeli psychologists Amos Tversky (1937–96) and Daniel Kahneman (born 1934) and the US psychologists Paul Slovic (born 1938), Sarah C. Lichtenstein (born 1933), and Baruch Fischhoff (born 1946). See base-rate fallacy, causal schema, conjunction fallacy, elimination by aspects, framing effect, heuristic, hindsight bias, non-regressiveness bias, prospect theory, regression fallacy, sample size fallacy, taxicab problem. See also bounded rationality, satisficing. Compare behavioural decision theory, decision theory.

Subjects: Psychology.

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