The Psychology of Decision Making
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Straight Choices provides a fascinating introduction to the psychology of decision making, enhanced by discussion of relevant examples of decision problems faced in everyday life. Thoroughly revised and updated throughout, this edition provides an integrative account of the psychology of decision-making and shows how psychological research can help us understand our uncertain world.
The book emphasizes the relationship between learning and decision-making, arguing that the best way to understand how and why decisions are made is in the context of the learning and knowledge acquisition which precedes them, and the feedback which follows. The mechanisms of learning and the structure of environments in which decisions are made are carefully examined to explore their impact on our choices. The authors then consider whether we are all constrained to fall prey to cognitive biases, or whether, with sufficient exposure, we can find optimal decision strategies and improve our decision making. This edition highlights advances made in judgment and decision making research, with additional coverage of behavioral insights, nudging, artificial intelligence, and explanation-based decision making.
Written in a non-technical manner, this book is an essential read for all students and researchers in cognitive psychology, behavioral economics, and the decision sciences, as well as anyone interested in the nature of decision making.
Table of Contents
1. FALLING OFF THE STRAIGHT AND NARROW.
2. DECISION QUALITY AND AN HISTORICAL CONTEXT
3. STAGES OF JUDGMENT I: DISCOVERING, ACQUIRING AND COMBINING INFORMATION
4. STAGES OF JUDGMENT II: FEEDBACK EFFECTS AND DYNAMIC ENVIRONMENTS
5. APPRAISING PROBABILITY JUDGMENTS
6. JUDGMENTAL HEURISTICS AND BIASES
7. EXPLANATION-BASED DECISION MAKING
8. ANALYSING DECISIONS I: A GENERAL FRAMEWORK
9. ANALYSING DECISIONS II: PROSPECT THEORY AND PREFERENCE REVERSALS
10. DECISIONS FROM EXPERIENCE
11. DECISIONS ACROSS TIME
12. LEARNING TO CHOOSE, CHOOSING TO LEARN
13. OPTIMALITY AND EXPERTISE
14. TWO SYSTEMS OF JUDGMENT AND DECISION MAKING?
15. EMOTIONAL INFLUENCES ON DECISION MAKING
16. GROUP DECISION MAKING
17. APPLYING PSYCHOLOGICAL INSIGHTS TO THE WORLD OUTSIDE THE LABORATORY
18. LEARNING TO MAKE GOOD DECISIONS: WHEN, HOW AND WHY (NOT)?
Ben R. Newell is a Professor of Cognitive Psychology and Deputy Head in the School of Psychology at the University of New South Wales, Australia.
David A. Lagnado is Professor in Cognitive and Decision Sciences in the Division of Psychology and Language Sciences at University College London, UK.
David R. Shanks is Professor of Psychology and Deputy Dean of the Faculty of Brain Sciences at University College London, UK.
‘This excellent book is a rare combination – an enjoyable read that beginners will like and a serious text that scholars will study’. - Daniel Kahneman, Woodrow Wilson School, Princeton University, USA