New paradoxes of risky decision making.

New paradoxes of risky decision making.

During the last 25 years, prospect theory and its successor, cumulative prospect theory, replaced expected utility as the dominant descriptive theories of risky decision making. Although these models account for the original Allais paradoxes, 11 new paradoxes show where prospect theories lead to self-contradiction or systematic false predictions. The new findings are consistent with and, in sev...

Case Against Prospect Theories 1 NEW PARADOXES OF RISKY DECISION MAKING

Risky decision making among adolescents

In this report, we analyze adolescent risk-taking from a behavioral decision-making perspective, with respect to the following questions: •Why is adolescent risky decision making important? •What is rational, adaptive, or good decision-making for adolescents (i.e., normative approaches)? •What are the main explanatory models of adolescent risk taking? •What are the key data (i.e., those data th...

Paradoxes in Fair Computer-Aided Decision Making

Computer-aided decision making, where some classifier (e.g., an algorithm trained using machine learning methods) assists human decision-makers in making important decisions, is becoming increasingly prevalent. For instance, judges in at least nine states are using algorithmic tools to determine recidivism risk-scores for criminal defendants, and these risk scores are next used for sentencing, ...

Assessment of Prospective Memory, Risky Decision-Making, Collaborative Decision-Making among Individuals with Morning and Evening Circadian Typology

Introduction: Biological aspects of personality have an influence on people psychological dimensions. The present study was aimed to compare prospective memory, risky decision-making, collaborative decision-making between individuals with morning and evening circadian typology. Methods: For this purpose, a study with quantitative methodology approach and a descriptive design was conceived. T...