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How to Make Decisions in An Uncertain World: Heuristics,Biases, and Risk Perception
Authors:Mauro Maldonato  Silvia Dell’Orco
Institution:1. University of Basilicata , Basilicata , Italy;2. University of Macerata , Macerata , Italy
Abstract:From the seventies onward a large quantity of theoretical and empirical studies have investigated the heuristic principles and cognitive strategies that individuals use to deal with risky and uncertain situations. This research has shown how the explicative and predictive shortcomings of normative risk analysis depend in many respects on undervaluing the continuous interaction between the individual and the environment. There are factors that, day by day, represent significant obstacles to decision making.
Keywords:Biases  cognitive illusions  decision making  heuristics  risk perception  uncertainty
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