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[Theory in Judgment and Decision: An Overview] The current state of the theory in judgment and decision represents a variety of concepts, definitions and models. An overview of the most important approaches is given, and some critics are formulated. Subjective expected utility and prospect theory are discussed as instances of algebraic models, the heuristic approach and the process-tracing models as instances of process models. Finally, some approaches, which emphasize the structure of the decision problem are reviewed. The tension between prescriptive and descriptive models is highlighted throughout the paper.
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