Journal
THEORY AND DECISION
Volume 65, Issue 1, Pages 71-95Publisher
SPRINGER
DOI: 10.1007/s11238-007-9050-6
Keywords
behavioral data; bipolar information; Cumulative Prospect Theory; decision heuristics; qualitative information; Take the Best
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Balancing the pros and cons of two options is undoubtedly a very appealing decision procedure, but one that has received scarce scientific attention so far, either formally or empirically. We describe a formal framework for pros and cons decisions, where the arguments under consideration can be of varying importance, but whose importance cannot be precisely quantified. We then define eight heuristics for balancing these pros and cons, and compare the predictions of these to the choices made by 62 human participants on a selection of 33 situations. The Levelwise Tallying heuristic clearly emerges as a winner in this competition. Further refinements of this heuristic are considered in the discussion, as well as its relation to Take the Best and Cumulative Prospect Theory.
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