Article2017

From anomalies to forecasts: Toward a descriptive model of decisions under risk, under ambiguity, and from experience.

Ido Erev · Eyal Ert · Ori Plonsky · Doron Cohen · Oded Cohen

197 citations0/0 files storedPsychological Review

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Decision-Making and Behavioral Economics Experimental Behavioral Economics Studies Leadership, Behavior, and Decision-Making Studies

Abstract

(BEAST), allow surprisingly accurate ex ante predictions of behavior. Unlike the popular models, BEAST does not assume subjective weighting functions or cognitive shortcuts. Rather, it assumes the use of sampling tools and reliance on small samples, in addition to the estimation of the expected values. (PsycINFO Database Record

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References

1979Prospect Theory: An Analysis of Decision under Risk 1992Advances in prospect theory: Cumulative representation of uncertainty 1953Le Comportement de l'Homme Rationnel devant le Risque: Critique des Postulats et Axiomes de l'Ecole Americaine 1989Maxmin expected utility with non-unique prior 1982Regret Theory: An Alternative Theory of Rational Choice Under Uncertainty 1986Rational Choice and the Framing of Decisions 1993The Adaptive Decision Maker 1948The Utility Analysis of Choices Involving Risk

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