Abstract
This paper represents an attempt to bridge the gap between rational and psychological models of choice, as represented by expected utility theory and prospect theory, and to show how researchers from different traditions can start to work together on problems of interest to both. A central issue for both models concerns the origin of preferences and how they might be predicted. Two questions of interest to all social scientists are related to the formation of preferences: What determines what people want, and what determines what people do once they know what they want? The incorporation of emotion into models of decision-making may help users of divergent models find common ground for exploration and investigation.
Original language | English (US) |
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Pages (from-to) | 271-287 |
Number of pages | 17 |
Journal | Political Psychology |
Volume | 25 |
Issue number | 2 |
DOIs | |
State | Published - Apr 2004 |
Keywords
- Decision-making
- Emotion
- Preferences
- Prospect theory
- Rational choice
ASJC Scopus subject areas
- Experimental and Cognitive Psychology
- Clinical Psychology
- Philosophy
- Social Psychology
- Political Science and International Relations
- Sociology and Political Science