6.2.1 Tradeoff Studies and Cognitive Biases

Abstract

Abstract Tradeoff studies involving human subjective calibration and data updating are often distrusted by decision makers. A review of objectivity and subjectivity in decision making shows that Prospect Theory is a good model for actual human decision making. Similarities between the elements of tradeoff studies and the elements of experiments in cognitive science show that tradeoff studies are susceptible to human cognitive biases. Examples of relevant biases are given.

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