Abstract
Decision field theory provides for a mathematical foundation leading to a dynamic, stochastic theory of decision behavior in an uncertain environment. This theory is used to explain (a) violations of stochastic dominance, (b) violations of strong stochastic transitivity, (c) violations of independence between alternatives, (d) serial position effects on preference, (e) speed-accuracy trade-off effects in decision making, (f) the inverse relation between choice probability and decision time, (g) changes in the direction of preference under time pressure, (h) slower decision times for avoidance as compared with approach conflicts, and (i) preference reversals between choice and selling price measures of preference. The proposed theory is compared with 4 other theories of decision making under uncertainty.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
