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Information processing as a paradigm for decision making.

Daniel M Oppenheimer1, Evan Kelso

  • 1Anderson School of Management, University of California, Los Angeles, California 90077;

Annual Review of Psychology
|January 7, 2015
PubMed
Summary
This summary is machine-generated.

The expected utility framework for decision making is challenged by new research focusing on cognitive processes. This shift signals a potential paradigm change in understanding human decision science.

Keywords:
decision makinginformation processingparadigm shiftutility theory

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Area of Science:

  • Cognitive Psychology
  • Decision Science
  • Behavioral Economics

Background:

  • The expected utility framework has long dominated decision-making research.
  • Empirical evidence increasingly challenges its validity in modeling human cognition and behavior.

Purpose of the Study:

  • To identify the emerging paradigm in decision science.
  • To highlight the shift towards understanding basic cognitive processes underlying decision-making.

Main Methods:

  • Literature review and conceptual analysis.
  • Examination of the proliferation of models grounded in perceptual, attentional, memory, and aggregation processes.

Main Results:

  • A paradigm shift is underway in decision science.
  • Research is increasingly focusing on foundational cognitive mechanisms.
  • New models integrating basic cognitive processes are emerging.

Conclusions:

  • The study of decision making is entering a new, generative phase.
  • The shift towards cognitive processes aligns with historical notions of scientific paradigm shifts.
  • This represents a revolutionary period for decision science research.