The Psychological Study Of Decision Making Began After...

The Psychological study of decision making began after theories were introduced in order to understand an individual’s thought process when faced with decisions. The aim of these theories were to examine whether or not humans are rational decision makers by introducing probabilities and the evaluation of risk. This essay will evaluate The Expected Utility Theory, The Prospect Theory and other potential influences to decision making. As well as state both the strengths and weaknesses of them, in order to determine how they have contributed to the understanding of human thought and decision making. The Expected Utility Theory has been the framework for evaluating an individual’s decision making in cases of risk and uncertainty for the last 50 years (Barbera, Hammond Seidl, 2004). It states that individuals choose between risky prospects by comparing their expected utility values. This is done by adding the expected utility value of their potential outcome and multiplying it by the probability (Davis, Hands, and Maki, 1998). This theory has widely been accepted as the model of choice, thus indicating that most rational people would not wish to violate the axioms of this theory, and it is also shown that not a lot of people do. This in turn influences the fact that humans are rational decision makers. In relation to this, a paradox was introduced in 1961 by Ellsberg, he suggested that the following experiment tests the Expected Utility Theory. A subject is asked to rankShow MoreRelatedCriminology Theories1039 Words   |  5 Pagesâ€Å"Criminology† is the study of crime from a social perspective by researching the nature and management of crime and the social impact of crime on society involving the causes and consequences behind the matter. 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She was born in a time when women were not allowed to display any type of power, higher reasoning, or desire for higher education. At the age of seven, she began her educational journey in the home of a retired Presbyterian minister who lived next door to her family. In 1886, she graduated from high school at the young age of 15 years old. Upon completion of high school, she attended Vassar College where she