Choice and Process: Theory Ahead of Measurement

Abstract

Because the traditional method of decision theory accounts only for explaining choice instead of also looking into the process that underlies choice, other approaches such as behavioral economics and neuroeconomics attempt to come up with theories that would account for both the choice and the process. Such models which embody joint implications that consider both process and theory comprise a whole different area in analyzing decision theory. It is emphasized that the literature related to such measures would adopt structural empirical methods that are vital in testing and analyzing the models. The gap between traditional theory and that which considers neuroscience signifies the need to establish a structural approach that would explain the implicit identifying assumptions observed on both sides. Also, the chapter includes a discussion about how a structural analysis in the context of intertermporal decision theory is essential in examining decision theory.

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