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Related Experiment Video

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Thermostabilization, Expression, Purification, and Crystallization of the Human Serotonin Transporter Bound to S-citalopram

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Boundedly rational expected utility theory.

Daniel Navarro-Martinez^1,2, Graham Loomes³, Andrea Isoni^3,4

¹1Department of Economics and Business, Pompeu Fabra University, Ramon Trias Fargas 25-27, 08005 Barcelona, Spain.

Journal of Risk and Uncertainty

|March 16, 2019

Summary

This summary is machine-generated.

This study introduces a satisficing model of choice under risk, integrating Expected Utility Theory (EUT) into bounded rationality. The model explains decision-making by evidence accumulation, violating EUT axioms while linking probabilities, response times, and confidence.

Keywords:

Bounded rationality Confidence Deliberation Expected utility Probabilistic choice Response times

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Area of Science:

Decision Sciences
Cognitive Psychology
Behavioral Economics

Background:

Expected Utility Theory (EUT) is a foundational model for decision-making under risk.
Standard EUT assumes perfect rationality, which often fails to predict real-world choices.
Bounded rationality acknowledges cognitive limitations in decision processes.

Purpose of the Study:

To develop a novel satisficing model of choice under risk.
To integrate Expected Utility Theory (EUT) within a boundedly rational deliberation framework.
To explain choice behavior that deviates from standard EUT axioms.

Main Methods:

Constructed a computational model simulating evidence accumulation for decision options.
Embedded Expected Utility Theory (EUT) preferences within a sampling and confidence-based stopping rule.
Analyzed model outputs for choice probabilities, response times, and confidence judgments.

Main Results:

The satisficing model generates behavior violating standard EUT axioms.
The model captures systematic relationships between choice probabilities and response times.
It also explains the link between confidence judgments and decision outcomes.

Conclusions:

Deliberation processes are crucial for understanding choice under risk beyond EUT.
The satisficing model offers a more realistic account of decision-making under cognitive constraints.
This framework bridges normative EUT with descriptive behavioral patterns.