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Explaining Experimental Decisions under Time Pressure by Multiattribute Decision Field Theory

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  • Adele Diedrich

    (C. v. Ossietzky Universitõt, Institut f³r Kognitionsforschung, Oldenburg, Germany)

Abstract

This paper investigates decision making under time pressure for multiattribute choice alternatives in a risky environment. It introduces a model, Multiattribute Decisions Field Theory (MDFT), to describe both the dynamic and the stochastic nature of decision making and to account for the observed changes in choice probabilities including preference reversals as a function of time limit. An experiment is presented to test the predictions of the model. It is shown that MDFT is able to account for the complex decision behavior observed in the data.

Suggested Citation

  • Adele Diedrich, 2001. "Explaining Experimental Decisions under Time Pressure by Multiattribute Decision Field Theory," Homo Oeconomicus, Institute of SocioEconomics, vol. 18, pages 151-175.
    • Handle: RePEc:hom:homoec:v:18:y:2001:p:151-175
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