Publication: Beware of black swans: Taking stock of the description-experience gap in decision under uncertainty
Beware of black swans: Taking stock of the description-experience gap in decision under uncertainty
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de Palma, A., Abdellaoui, M., Attanasi, G., Ben-Akiva, M., Erev, I., Fehr-Duda, H., Fok, D., Fox, C. R., Hertwig, R., Picard, N., Wakker, P. P., Walker, J. L., & Weber, M. (2014). Beware of black swans: Taking stock of the description-experience gap in decision under uncertainty. Marketing Letters, 25(3), 269–280. https://doi.org/10.1007/s11002-014-9316-z
Abstract
Abstract
Abstract
Uncertainty pervades most aspects of life. From selecting a new technology to choosing a career, decision makers rarely know in advance the exact outcomes of their decisions. Whereas the consequences of decisions in standard decision theory are explicitly described (the decision from description (DFD) paradigm), the consequences of decisions in the recent decision from experience (DFE) paradigm are learned from experience. In DFD, decision makers typically overrespond to rare events. That is, rare events have more impact on decisions
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Creators (Authors)
- de Palma, Andre
- Abdellaoui, Mohammed
- Attanasi, Giuseppe
- Ben-Akiva, Moshe
- Erev, Ido
- Fehr-Duda, Helga
- Fok, Dennis
- Fox, Craig R
- Hertwig, Ralph
- Picard, Nathalie
- Wakker, Peter P
- Walker, Joan L
- Weber, Martin
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Citations
de Palma, A., Abdellaoui, M., Attanasi, G., Ben-Akiva, M., Erev, I., Fehr-Duda, H., Fok, D., Fox, C. R., Hertwig, R., Picard, N., Wakker, P. P., Walker, J. L., & Weber, M. (2014). Beware of black swans: Taking stock of the description-experience gap in decision under uncertainty. Marketing Letters, 25(3), 269–280. https://doi.org/10.1007/s11002-014-9316-z