NDLI: DFT-D: a cognitive-dynamical model of dynamic decision making

Content Provider	Springer Nature Link
Author	Hotaling, Jared M. Busemeyer, Jerome R.
Copyright Year	2012
Abstract	The study of decision making has traditionally been dominated by axiomatic utility theories. More recently, an alternative approach, which focuses on the micro-mechanisms of the underlying deliberation process, has been shown to account for several “paradoxes” in human choice behavior for which simple utility-based approaches cannot. Decision field theory (DFT) is a cognitive-dynamical model of decision making and preferential choice, built on the fundamental principle that decisions are based on the accumulation of subjective evaluations of choice alternatives until a threshold criterion is met. This article extends the basic DFT framework to the domain of dynamic decision making. DFT-Dynamic is proposed as a new alternative to normative backward induction. Through its attention to the processes underlying planning and deliberation DFT-D provides simple, emergent explanations for violations of choice principles traditionally taken as evidence of irrationality. A recent multi-stage decision making study is used to showcase the model’s efficacy for developing cognitive models of individual strategies.
Starting Page	67
Ending Page	80
Page Count	14
File Format	PDF
ISSN	00397857
Journal	Synthese
Volume Number	189
Issue Number	1
e-ISSN	15730964
Language	English
Publisher	Springer Netherlands
Publisher Date	2012-09-05
Publisher Place	Dordrecht
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Cognitive models Dynamic decision making Dynamic consistency Planning Decision trees Sequential sampling Preferential choice DFT Philosophy of Science Epistemology Logic Philosophy of Language Metaphysics
Content Type	Text
Resource Type	Article
Subject	Philosophy Social Sciences

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