Behavioral Decision Theory
A New Approach
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Product details:
- Publisher Cambridge University Press
- Date of Publication 30 September 1994
- ISBN 9780521443685
- Binding Hardback
- No. of pages336 pages
- Size 237x160x21 mm
- Weight 640 g
- Language English
- Illustrations 36 b/w illus. 46 tables 0
Categories
Short description:
The book describes the errors that people commonly make in dealing with probabilities.
MoreLong description:
This book discusses the well known fallacies of behavioural decision theory. It shows that while an investigator is studying a well-known fallacy, he or she may introduce, without realizing it, one of the simple biases that are found in quantifying judgements. The work covers such fallacies as the apparent overconfidence that people show when they judge the probability of correctness of their answers to two-choice general knowledge questions using a one-sided rating scale; the apparent overconfidence in setting uncertainty bounds on unknown quantities when using the fractile method; the interactions between hindsight and memory; the belief that small samples are as reliable and as representative as large samples;; the regression fallacy in prediction; the availability and simulation fallacies; the anchoring and adjustment biases; and bias by frames. The aim of this book is to help readers to learn about the fallacies and thus to avoid them. As such, it will be useful reading for students and researchers in probability theory, statistics and psychology.
"This work represents a major contribution to methodology in the study of human decision making....The book is an outstanding piece of scholarship. It is thorough and authoritative. It provides an original, penetrating, cogently-argued, challenging re-analysis and re-assessment of many of the most infuential studies in the field of human judgement....it throws light on apparent conflicts and paradoxes in the literature and it provides students and researchers with many helpful insights that will enable them to optimise the design of experiments on human judgement....this book looks set to become a standard reference work for students and researchers in the field of human judgement." Raphael Gillett, Applied Cognitive Psychology
Table of Contents:
1. Outline of heuristics and biases; 2. Practical techniques; 3. Apparent overconfidence; 4. Hindsight bias; 5. Small sample fallacy; 6. Conjunction fallacy; 7. Regression fallacy; 8. Base rate fallacy; 9. Availability and simulation fallacies; 10. Anchoring and adjustment bias; 11. Expected utility fallacy; 12. Bias by frames; 13. Simple biases accompanying complex biases; 14. Problem questions; 15. Training; 16. Uncertainties.
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