[SIBR 2016] A General Linear Model of Fast-and-Frugal Judgment and Decision Making

Sun 10/7/2016 - 7:51 pm
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Abstract: This poster introduces a general linear model which integrates three major components of judgment and decision making: cue weights (the relative importance of cues), estimates of missing information (what value should an unknown cue be assigned), and utility functions (converting a cue's environmental value to a useful score). From these three components many well-studied decision making strategies, particularly those from the fast-and-frugal heuristics program, can be derived. Instead of focusing on well-studied, named strategies like Take-the-Best, the general linear model establishes these three components as more appropriate level of abstraction for constructing and deconstructing judgment and decision making strategies. This allows for the for the construction of simple and transparent strategies without being bound to well-studied strategies.

Presented at the 2016 Summer Institute on Bounded Rationality at the Max Planck Institute for Human Development in Berlin, Germany.

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