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    Experiential limitation in judgment and decision

    Hahn, Ulrike (2014) Experiential limitation in judgment and decision. Topics in Cognitive Science 6 (2), pp. 229-244. ISSN 1756-8757.

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    Abstract

    The statistics of small samples are often quite different from those of large samples, and this needs to be taken into account in assessing the rationality of human behavior. Specifically, in evaluating human responses to environmental statistics, it is the effective environment that matters; that is, the environment actually experienced by the agent needs to be considered, not simply long-run frequencies. Significant deviations from long-run statistics may arise through experiential limitations of the agent that stem from resource constraints and/or information-processing bounds. The article draws together recent work from a number of areas in judgment and decision making ranging from randomness perception (Hahn & Warren, ), information sampling (Hertwig & Pleskac, ; Kareev et al., ), and consequences of choice for exploration or exploitation (e.g., Denrell, ) to demonstrate how proper consideration of these deviations leads to reevaluation of behaviors that are otherwise deemed irrational.

    Metadata

    Item Type: Article
    Keyword(s) / Subject(s): Rationality, Optimality, Judgment, Decision making, Randomness, Small samples
    School: Birkbeck Schools and Departments > School of Science > Psychological Sciences
    Research Centre: Birkbeck Knowledge Lab
    Depositing User: Administrator
    Date Deposited: 31 Mar 2014 09:45
    Last Modified: 02 Dec 2016 13:39
    URI: http://eprints.bbk.ac.uk/id/eprint/9480

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