JUDGMENT AND DECISION-MAKING

For many decades, research in judgment and decision making has examine d behavioral violations of rational choice theory. In that framework, rationality is expressed as a single correct decision shared by experi menters and subjects that satisfies internal coherence within a set of preferences and beliefs. Outside of psychology, social scientists are now debating the need to modify rational choice theory with behaviora l assumptions. Within psychology, researchers are debating assumptions about errors for many different definitions of rationality. Alternati ve frameworks are being proposed. These frameworks view decisions as m ore reasonable and adaptive than previously thought. For example, ''ru le following.'' Rule following, which occurs when a rule or norm is ap plied to a situation, often minimizes effort and provides satisfying s olutions that are ''good enough,'' though not necessarily the best. Wh en rules are ambiguous, people look for reasons to guide their decisio ns. They may also let their emotions take charge. This chapter present s recent research on judgment and decision making from traditional and alternative frameworks.