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

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

Author(s): Alexandra Gheondea-Eladi
Subject(s): Politics / Political Sciences, Social Sciences
Published by: Asociatia pentru Dezvoltare si promovare socio-economica Catalactica
Keywords: mental representations; decision-making; expected utility; prospect theory; bounded rationality; parallel games; justice; multi-criteria decision-making

Summary/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.

  • Issue Year: XV/2015
  • Issue No: 3
  • Page Range: 003-013
  • Page Count: 11
  • Language: English
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