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Numerical magnitude evaluation as a foundation for decision making.

Christopher Y Olivola1, Nick Chater2

  • 1Tepper School of Business,Carnegie Mellon University,Pittsburgh,PA 15213olivola@cmu.eduhttps://sites.google.com/site/chrisolivola/.

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Understanding numerical magnitude is key to cognition and decision-making. New research challenges the notion of a fixed, innate sense of value influencing our choices.

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Area of Science:

  • Cognitive Science
  • Neuroscience
  • Decision Science

Background:

  • Magnitude evaluation underpins numerical cognition and decision-making.
  • Recent research connects numerical magnitude processing to diverse decision-making phenomena.

Purpose of the Study:

  • To explore the relationship between numerical magnitude evaluation and decision-making processes.
  • To challenge established theories on innate and stable preferences.

Main Methods:

  • Review of theoretical developments in magnitude evaluation.
  • Analysis of empirical studies linking magnitude processing to decision-making.

Main Results:

  • Magnitude evaluation is fundamental to both numerical cognition and decision-making.
  • Evidence suggests preferences are not solely driven by innate, stable numerical or value senses.

Conclusions:

  • The study highlights the complex interplay between magnitude evaluation and decision-making.
  • Findings necessitate a re-evaluation of how preferences are formed and influenced.