Individual Decision-Making

Manel Baucells and Konstantinos V. Katsikopoulos

Chapter 2 in Experimental Economics, 2015, pp 17-33 from Palgrave Macmillan

Abstract: Abstract To make decisions, people frequently rely on their intuition. For the most part, we do not have the time or the ability to process all the available information to make a decision rationally: that is, as a result of a well-structured and elaborate cognitive process. On the contrary, intuition is based on practice and previous experience, on judgment and pattern recognition. Although intuitive decision-making is supported by old and recent literature (Mintzberg, 1994; Gladwell, 2005), it has some shortcomings.

Keywords: Risk Aversion; Discount Factor; Risk Attitude; Prospect Theory; Risk Averse (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-53819-2_2

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DOI: 10.1057/9781137538192_2

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