DECISION HEURISTICS - FILTERS, HABITS AND FRAMES IN EVERY-DAY LIFE - THEORETICAL AND EMPIRICAL RESULTS OF TESTS OF AN EXTENDED SEU-MODEL

This article summarizes the theoretical and empirical results of an in terdisciplinary study of the investment behavior of private investors. The study is based on the Subjective Expected Utility (SEU) Theory an d includes findings of sociology, economics and social psychology. The research focuses on the individual decision heuristics, which represe nt and describe the empirical decision processes. The processes are ch aracterized by simplifications, the main types are habits, frames, sat isfying behavior, filters and delegation of decisions. Crucial for the different size of the decision process is not only the cost intensity (high-/low-cost decisions) but the involvement. The description of el ements of the extended SEU-model and the decision heuristics Is follow ed by a presentation of main results. The comprehensive observation an d analysis gives new impulses for modifications and the theoretical di scussion about the applicability of the SEU Theory. What are the influ ences of frames and habits on the complexity of the decision process! How are probabilities estimated? In addition, an innovative combinatio n of experimental, qualitative and quantitative social research method s was used for the survey. It allows measurements without too much sta ndardization, but still with the option of interpersonal comparisons.