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ERIC Number: EJ783760
Record Type: Journal
Publication Date: 2008-Jan
Pages: 7
Abstractor: Author
Reference Count: 0
ISBN: N/A
ISSN: ISSN-0033-295X
What Is behind the Priority Heuristic? A Mathematical Analysis and Comment on Brandstatter, Gigerenzer, and Hertwig (2006)
Rieger, Marc Oliver; Wang, Mei
Psychological Review, v115 n1 p274-280 Jan 2008
Comments on the article by E. Brandstatter, G. Gigerenzer, and R. Hertwig (2006). 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.
American Psychological Association. Journals Department, 750 First Street NE, Washington, DC 20002-4242. Tel: 800-374-2721; Tel: 202-336-5510; Fax: 202-336-5502; e-mail: order@apa.org; Web site: http://www.apa.org/publications
Publication Type: Journal Articles; Reports - Evaluative
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A