A unified computational modeling approach to decision making

For centuries, theorists have focused almost exclusively on the use of additive utility representations in attempts to describe decision behavior. This basic framework has constantly been modified in order to account for challenging empirical results. However, each revision to the basic theory has in turn consistently been confronted with conflicting evidence. Here, we summarize an alternative view focusing on the decision-making process. By employing computational models that offer a different—and arguably superior—level of analysis, we provide a more comprehensive account of human decision behavior. A survey of applications and discussion of parameter interpretation and estimation is also included.