Get 20M+ Full-Text Papers For Less Than $1.50/day. Subscribe now for You or Your Team.

Learn More →

Risk-Sensitive Decision making Examined within an Evolutionary Framework

Risk-Sensitive Decision making Examined within an Evolutionary Framework Two examples of human decision-making biases are reexamined from an evolutionary perspective. The framing effect and ambiguity avoidance effect both violate core assumptions of normative models of rational decision making. These violations were often used to showcase that the human mind is predisposed against optimal decision making. The authors argue that the human mind is fine-tuned to solve complex decision tasks that had been recurrent in hominid evolution. By studying the biases within the framework of risk-sensitivity theory, they demonstrate that humans take into account the mean outcome of an option, the variability of the outcome, and their current goal to arrive at a decision that is most likely to guarantee survival. Thus, an evolutionary approach helps us reveal important features of human choice behavior and provides insights into the nature of human decision rationality. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png American Behavioral Scientist SAGE

Risk-Sensitive Decision making Examined within an Evolutionary Framework

American Behavioral Scientist , Volume 43 (6): 14 – Mar 1, 2000

Loading next page...
 
/lp/sage/risk-sensitive-decision-making-examined-within-an-evolutionary-NWmbBuTyob

References (29)

Publisher
SAGE
Copyright
Copyright © by SAGE Publications
ISSN
0002-7642
eISSN
1552-3381
DOI
10.1177/00027640021955676
Publisher site
See Article on Publisher Site

Abstract

Two examples of human decision-making biases are reexamined from an evolutionary perspective. The framing effect and ambiguity avoidance effect both violate core assumptions of normative models of rational decision making. These violations were often used to showcase that the human mind is predisposed against optimal decision making. The authors argue that the human mind is fine-tuned to solve complex decision tasks that had been recurrent in hominid evolution. By studying the biases within the framework of risk-sensitivity theory, they demonstrate that humans take into account the mean outcome of an option, the variability of the outcome, and their current goal to arrive at a decision that is most likely to guarantee survival. Thus, an evolutionary approach helps us reveal important features of human choice behavior and provides insights into the nature of human decision rationality.

Journal

American Behavioral ScientistSAGE

Published: Mar 1, 2000

There are no references for this article.