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From the Special Issue Editors... Special Issue on Psychology and Decision Analysis

Author

Listed:
  • Don N. Kleinmuntz

    (Center for Risk and Economic Analysis of Terrorism Events (CREATE), University of Southern California, Los Angeles, California 90089)

  • George Wu

    (Graduate School of Business, University of Chicago, Chicago, Illinois 60637)

Abstract

Decision analysis and the psychology of judgment and decision making are two distinct fields linked by common foundations and overlapping communities of researchers. Progress in psychological science is important to decision analysis because it provides insights about when decision analysis is likely to be needed as well as the practical problems we may encounter in implementing analytic processes in real world settings. This special issue includes four contributions to the psychology of decision making that are relevant to prescriptive decision analysis. The first article proposes a theoretical account of when choice heuristics are likely to perform well (or not) relative to normative benchmarks. The second contribution examines how decision makers aggregate multiple sources of information. The third article reports a survey study of real-world risk-taking behavior, and the fourth article investigates the sensitivity of probability assessments to time horizons.

Suggested Citation

  • Don N. Kleinmuntz & George Wu, 2006. "From the Special Issue Editors... Special Issue on Psychology and Decision Analysis," Decision Analysis, INFORMS, vol. 3(3), pages 121-123, September.
    • Handle: RePEc:inm:ordeca:v:3:y:2006:i:3:p:121-123
    DOI: 10.1287/deca.1060.0076
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    References listed on IDEAS

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    Cited by:

    1. L. Robin Keller, 2009. "From the Editor..," Decision Analysis, INFORMS, vol. 6(3), pages 121-123, September.

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