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What is behind the priority heuristic?: a mathematical analysis and comment on Brandstätter, Gigerenzer, and Hertwig (2006)


Rieger, Marc Oliver; Wang, Mei (2008). What is behind the priority heuristic?: a mathematical analysis and comment on Brandstätter, Gigerenzer, and Hertwig (2006). Psychological Review, 115(1):274-280.

Abstract

Comments on the article by E. Brandstätter, G. Gigerenzer, and R. Hertwig. The authors discuss the priority heuristic, a recent model for decisions under risk. They reanalyze the experimental validity of this approach and discuss how these results compare with cumulative prospect theory, the currently most established model in behavioral economics. They also discuss how general models for decisions under risk based on a heuristic approach can be understood mathematically to gain some insight in their limitations. They finally consider whether the priority heuristic model can lead to some understanding of the decision process of individuals or whether it is better seen as an as-if model.

Abstract

Comments on the article by E. Brandstätter, G. Gigerenzer, and R. Hertwig. The authors discuss the priority heuristic, a recent model for decisions under risk. They reanalyze the experimental validity of this approach and discuss how these results compare with cumulative prospect theory, the currently most established model in behavioral economics. They also discuss how general models for decisions under risk based on a heuristic approach can be understood mathematically to gain some insight in their limitations. They finally consider whether the priority heuristic model can lead to some understanding of the decision process of individuals or whether it is better seen as an as-if model.

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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Banking and Finance
Dewey Decimal Classification:330 Economics
Uncontrolled Keywords:Decisions under risk, Prospect Theory, heuristics, lotteries
Language:English
Date:January 2008
Deposited On:09 Dec 2008 10:23
Last Modified:05 Apr 2016 12:29
Publisher:American Psychological Association
ISSN:0033-295X
Additional Information:This article may not exactly replicate the final version published in the APA journal. It is not the copy of record.
Publisher DOI:https://doi.org/10.1037/0033-295X.115.1.274
Official URL:http://psycnet.apa.org/journals/rev/115/1/274/
Related URLs:http://www.apa.org/journals/rev/
PubMed ID:18211204

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