Journal article
Decision making in the short run
Journal of experimental psychology. Human learning and memory, Vol.7(5), pp.377-385
09/1981
DOI: 10.1037/0278-7393.7.5.377
Abstract
Examines the commonly accepted idea that the only rational measure of the worth of a gamble is its expected value or some subjective counterpart such as expected utility. The argument is made that for short-run situations, it is reasonable to consider the probability of coming out ahead instead of, or in addition to, the long-run expectation. Changes are discussed that might be called for in theories of rational choice when the prescriptions of rational models violate common sense. (23 ref)
Details
- Title: Subtitle
- Decision making in the short run
- Creators
- Lola L Lopes - U Wisconsin, Madison
- Resource Type
- Journal article
- Publication Details
- Journal of experimental psychology. Human learning and memory, Vol.7(5), pp.377-385
- DOI
- 10.1037/0278-7393.7.5.377
- ISSN
- 0096-1515
- eISSN
- 2327-9745
- Publisher
- American Psychological Association
- Number of pages
- 9
- Language
- English
- Date published
- 09/1981
- Academic Unit
- Management and Entrepreneurship ; Psychological and Brain Sciences
- Record Identifier
- 9984963211202771
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