Behavioral Decision Theory

Abstract

Abstract Behavioral decision theory describes how individuals actually make decisions rather than how they ought to if they were conforming to axioms of rational choice (as is the case with normative and prescriptive theories). Three main areas of research have been to identify violations of rational choice (e.g., intransitivity of preferences), document a wide range of decision rules used in arriving at a final choice (e.g., the Lexicographic rule), and uncover the stopping strategies used in deciding when to terminate the information search process and commit to a choice. Recent work has sought to explore the evolutionary origins of our decision making proclivities.

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