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Contribution Details
| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | What is behind the priority heuristic?: a mathematical analysis and comment on Brandstätter, Gigerenzer, and Hertwig (2006) |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | Psychological Review |
| Publisher | American Psychological Association |
| Geographical Reach | international |
| ISSN | 0033-295X |
| Volume | 115 |
| Number | 1 |
| Page Range | 274 - 280 |
| Date | 2008 |
| Abstract Text | Comments on the article by E. Brandstätter, G. Gigerenzer, and R. Hertwig. The authors discuss the priority heuristic, a recent model for decisions under risk. They reanalyze the experimental validity of this approach and discuss how these results compare with cumulative prospect theory, the currently most established model in behavioral economics. They also discuss how general models for decisions under risk based on a heuristic approach can be understood mathematically to gain some insight in their limitations. They finally consider whether the priority heuristic model can lead to some understanding of the decision process of individuals or whether it is better seen as an as-if model. |
| Official URL | http://psycnet.apa.org/journals/rev/115/1/274/ |
| Related URLs | |
| Digital Object Identifier | 10.1037/0033-295X.115.1.274 |
| PubMed ID | 18211204 |
| Other Identification Number | merlin-id:556 |
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| Keywords | Decisions under risk, Prospect Theory, heuristics, lotteries |
| Additional Information | This article may not exactly replicate the final version published in the APA journal. It is not the copy of record. |