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Decision making in uncertain times: what can cognitive and decision sciences say about or learn from economic crises?

Author

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  • Björn Meder
  • Fabrice Le Lec
  • Magda Osman

Abstract

Economic crises bring to the fore deep issues for the economic profession and their models. Given that cognitive science shares with economics many theoretical frameworks and research tools designed to understand decision-making behavior, should economists be the only ones re-examining their conceptual ideas and empirical methods? We argue that economic crises demonstrate different forms of uncertainty, which remind cognitive scientists of a pervasive problem: how best to conceptualize and study decision making under uncertainty.

Suggested Citation

  • Björn Meder & Fabrice Le Lec & Magda Osman, 2013. "Decision making in uncertain times: what can cognitive and decision sciences say about or learn from economic crises?," Post-Print hal-01044593, HAL.
    • Handle: RePEc:hal:journl:hal-01044593
    DOI: 10.1016/j.tics.2013.04.008
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    Cited by:

    1. Björn Meder & Nadine Fleischhut & Nina‐Carolin Krumnau & Michael R. Waldmann, 2019. "How Should Autonomous Cars Drive? A Preference for Defaults in Moral Judgments Under Risk and Uncertainty," Risk Analysis, John Wiley & Sons, vol. 39(2), pages 295-314, February.
    2. Hartwell, Christopher A., 2021. "What Drove the First Response to the COVID-19 Pandemic? The Role of Institutions and Leader Attributes," MPRA Paper 110563, University Library of Munich, Germany.

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