Human Decision Making is Rarely Rational
Abstract
Economists often assume that decision making is rational and stable, but research indicates that human decision making is rarely so. This chapter explains this, and explains how interactive systems can support more rational decision making when that is the goal, and can undermine it when that is the goal.
Keywords
decision making; rational; system one; system two; loss averse; risk averse; loss seeking; risk seeking; Kahneman and Tversky; fourfold pattern; bias; framing; decision support; information visualization; data visualization; persuasive systems
Theories of decision making and economics have long been based on the assumption that decision making is rational, selfish, and stable ...
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