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Cognitive Biases Affect the Acceptance of Tradeoff Studies

In: Decision Modeling and Behavior in Complex and Uncertain Environments

Author

Listed:
  • Eric D. Smith

    (University of Missouri at Rolla)

  • Massimo Piatelli-Palmarini

    (University of Arizona)

  • Terry Bahill

    (University of Arizona)

Abstract

Tradeoff studies involving human subjective calibration and data updating are often distrusted by decision makers. A review of objectivity and subjectivity in decision making confirms that prospect theory is a good model for actual human decision making. Relationships between tradeoff studies and the elements of experiments in judgment and decision making show that tradeoff studies are susceptible to human cognitive biases. Examples of relevant biases are given. Knowledge of these biases should help give decision makers more confidence in tradeoff studies.

Suggested Citation

  • Eric D. Smith & Massimo Piatelli-Palmarini & Terry Bahill, 2008. "Cognitive Biases Affect the Acceptance of Tradeoff Studies," Springer Optimization and Its Applications, in: Tamar Kugler & J. Cole Smith & Terry Connolly & Young-Jun Son (ed.), Decision Modeling and Behavior in Complex and Uncertain Environments, pages 227-249, Springer.
    • Handle: RePEc:spr:spochp:978-0-387-77131-1_10
    DOI: 10.1007/978-0-387-77131-1_10
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    Cited by:

    1. Ignacio Ibarra López & Juan Antonio Tapia Cortés, 2022. "El uso de productos financieros en la demanda de seguros en México," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 17(3), pages 1-26, Julio - S.

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