Maps of Bounded Rationality
AbstractThe work cited by the Nobel committee was done jointly with the late Amos Tversky (1937-1996) during a long and unusually close collaboration. Together, we explored the psychology of intuitive beliefs and choices and examined their bounded rationality. This essay presents a current perspective on the three major topics of our joint work: heuristics of judgment, risky choice, and framing effects. In all three domains we studied intuitions - thoughts and preferences that come to mind quickly and without much reflection. I review the older research and some recent developments in light of two ideas that have become central to social-cognitive psychology in the intervening decades: the notion that thoughts differ in a dimension of accessibility - some come to mind much more easily than others - and the distinction between intuitive and deliberate thought processes.
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Bibliographic InfoPaper provided by Nobel Prize Committee in its series Nobel Prize in Economics documents with number 2002-4.
Length: 41 pages
Date of creation: 08 Dec 2002
Date of revision:
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Web page: http://www.nobelprize.org
behavioral economics; experimental economics;
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- C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
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