What question did this study set out to answer?

Synthesize and evaluate cognitive-psychological alternatives to Expected Utility Theory, exploring how heuristics, bounded rationality, and dual-process frameworks resolve decision-making under risk and uncertainty.

February 27, 2025Frontiers in PsychologyOpen Access

Editorial: The cognitive basis for decision making under risk and uncertainty: research programs & controversies

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Authors

SSSamuel ShyeVan Leer Jerusalem Institute RVRiccardo VialeUniversity of Milano-Bicocca

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Implication

Theoretical review demonstrates adaptive cognitive heuristics in risky human decision-making, suggesting psychological mechanisms align with expected utility theory for survival.

Key Points

Synthesize and evaluate cognitive-psychological alternatives to Expected Utility Theory, exploring how heuristics, bounded rationality, and dual-process frameworks resolve decision-making under risk and uncertainty.
Reviewed ten contributions spanning theoretical frameworks, computational heuristic adjustments, and experimental behavioral economics tasks.
Assessed cognitive mechanisms across varied paradigms, including biological paternity testing, medical treatment trade-offs, sequential investments, and event-related potential neuroimaging during economic cooperation.
Alternative frameworks, including Challenge Theory and one-parameter error mechanisms, successfully account for classical expected utility deviations such as the Allais paradox and loss aversion.
Experimental outcomes revealed that context-driven factors, such as personal responsibility, voice attractiveness, and disease severity, systematically alter risk-seeking preferences and belief updating.
Cognitive heuristics operate as evolved, ecologically rational rules of thumb that align functionally with expected utility outcomes to support survival in complex environments.

Cite This Study

Shye et al. (2025) studied this question.

synapsesocial.com/papers/6a0ff0d912e2385ed3fe1b5c https://doi.org/10.3389/fpsyg.2025.1546461

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Implication

Theoretical review demonstrates adaptive cognitive heuristics in risky human decision-making, suggesting psychological mechanisms align with expected utility theory for survival.

Editorial: The cognitive basis for decision making under risk and uncertainty: research programs & controversies

Discussion

Member takes

Implication

Key Points

Cite This Study

Editorial: The cognitive basis for decision making under risk and uncertainty: research programs & controversies

Discussion

Member takes

Implication

Key Points

Cite This Study

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