Abstract

http://ssrn.com/abstract=929939
 
 

References (95)



 
 

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Internal and Substantive Inconsistencies In Decision-Making


Christopher K. Hsee


University of Chicago - Booth School of Business

Jiao Zhang


University of Chicago - Booth School of Business


BLACKWELL HANDBOOK OF JUDGEMENT AND DECISION MAKING, D. Koehler, N. Harvey, eds., Oxford: Blackwell, 2004

Abstract:     
Most behavioral decision studies are about internal inconsistencies of decisions - that decisions (choices or judgments) made in one condition are different from decisions made in an apparently different but normatively equivalent condition. The present article reviews behavioral decision studies that suggest a more substantive inconsistency - that decisions apparently made to maximize happiness (experienced utility) do not maximize happiness.

Number of Pages in PDF File: 30

Keywords: rationality, utility function, evaluability, experienced utility, affective-forecasting, decision, lay rationalism, happiness

JEL Classification: D81, D11, D12, D91

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Date posted: October 11, 2006  

Suggested Citation

Hsee, Christopher K. and Zhang, Jiao, Internal and Substantive Inconsistencies In Decision-Making. BLACKWELL HANDBOOK OF JUDGEMENT AND DECISION MAKING, D. Koehler, N. Harvey, eds., Oxford: Blackwell, 2004. Available at SSRN: http://ssrn.com/abstract=929939

Contact Information

Christopher K. Hsee (Contact Author)
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
Jiao Zhang
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
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