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A perspective on judgment and choice: mapping bounded rationality.

Daniel Kahneman1

  • 1Princeton University, Princeton, NJ 08544, USA. kahneman@princeton.edu

The American Psychologist
|October 31, 2003
PubMed
Summary
This summary is machine-generated.

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This review explores how accessibility, the ease of recalling thoughts, influences intuitive decision-making. Understanding accessibility explains cognitive biases and the success of intuitive judgments.

Area of Science:

  • Cognitive Psychology
  • Behavioral Economics
  • Decision Science

Background:

  • Early research explored intuitive judgment and decision-making, notably with Amos Tversky.
  • Key concepts include cognitive accessibility and the distinction between intuition and deliberate reasoning.

Purpose of the Study:

  • To review early studies on intuitive judgment and decision-making.
  • To analyze the role of cognitive accessibility in judgment and decision-making processes.
  • To connect accessibility principles to established findings in prospect theory and cognitive biases.

Main Methods:

  • Literature review of early studies on intuitive judgment and decision-making.
  • Conceptual analysis of cognitive accessibility and its determinants.
  • Examination of the relationship between accessibility, heuristics, and biases.

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Main Results:

  • Intuitive thoughts are characterized by high cognitive accessibility, similar to perceptual processes.
  • Accessibility explains core findings of prospect theory, framing effects, and attribute substitution heuristics.
  • Variations in rule accessibility account for corrections in intuitive judgments, highlighting the skillfulness of intuition.

Conclusions:

  • Cognitive accessibility is a fundamental concept for understanding intuitive judgment and decision-making.
  • The study of biases is consistent with a view of intuitive thinking as generally effective.
  • Accessibility analysis provides a framework for explaining both the successes and failures of human intuition.