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UNDERSTANDING HOW PEOPLE DECIDE: DECISION-MAKING THEORIES AS MENTAL REPRESENTATIONS

Alexandra Gheondea-Eladi

Journal of Community Positive Practices, 2015, issue 3, 3-13

Abstract: This paper argues that instead of seeing the most influential theories in decisionmaking as competitive, one may contemplate the possibility that they are part of a wider theory of decision-making. This theory looks at how people decide based on how they structure a mental representation of a complex reality. Further, it gives a brief presentation of the mainstream theories in decision-making: expected utility theory, prospect theory, bounded rationality, parallel games, Rawls' theory of justice and multi-criteria decision-making. The conclusions suggest that research in the field should include the current theories of decision-making as possible mental representations, while also acknowledging some important epistemological problems in this field.

Keywords: mental representations; decision making; expected utility; prospect theory; bounded rationality; parallel games; justice; multi criteria decision making (search for similar items in EconPapers)
Date: 2015
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http://jppc.ro/index.php?page=download_articol&lan ... NTAL+REPRESENTATIONS First version, 2015 (application/pdf)
http://jppc.ro/index.php?page=descriere&lang=ro&nu ... RESENTATIONS#articol First version, 2015 (text/html)

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Persistent link: http://EconPapers.repec.org/RePEc:cta:jcppxx:3151

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