Jump to ContentJump to Main Navigation
HeuristicsThe Foundations of Adaptive Behavior$
Users without a subscription are not able to see the full content.

Gerd Gigerenzer, Ralph Hertwig, and Thorsten Pachur

Print publication date: 2011

Print ISBN-13: 9780199744282

Published to Oxford Scholarship Online: May 2011

DOI: 10.1093/acprof:oso/9780199744282.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 30 October 2020

One-Reason Decision-Making: Modeling Violations of Expected Utility Theory

One-Reason Decision-Making: Modeling Violations of Expected Utility Theory

(p.186) Chapter 8 One-Reason Decision-Making: Modeling Violations of Expected Utility Theory

Konstantinos V. Katsikopoulos

Gerd Gigerenzer (Contributor Webpage)

Oxford University Press

People violate expected utility theory and this has been traditionally modeled by augmenting its weight-and-add framework by nonlinear transformations of values and probabilities. Yet individuals often use one-reason decision-making when making court decisions or choosing cellular phones, and institutions do the same when creating rules for traffic safety or fair play in sports. This chapter analyzes a model of one-reason decision-making, the priority heuristic, and show that it simultaneously implies common consequence effects, common ratio effects, reflection effects, and the fourfold pattern of risk attitude. The preferences represented by the priority heuristic satisfy some standard axioms. This work may provide the basis for a new look at bounded rationality.

Keywords:   decision making, EVT/EUT, St. Petersburg Paradox, heuristics, priority

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .