Mindful Judgment and Decision Making

36 Pages Posted: 9 Nov 2011  

Elke U. Weber

Columbia Business School - Management & Psychology

Eric J. Johnson

Columbia Business School - Marketing

Multiple version iconThere are 2 versions of this paper

Date Written: 2009

Abstract

A full range of psychological processes has been put into play to explain judgment and choice phenomena. Complementing work on attention, information integration, and learning, decision research over the past 10 years has also examined the effects of goals, mental representation, and memory processes. In addition to deliberative processes, automatic processes have gotten closer attention, and the emotions revolution has put affective processes on a footing equal to cognitive ones. Psychological process models provide natural predictions about individual differences and lifespan changes and integrate across judgment and decision making (JDM) phenomena. “Mindful”JDM research leverages our knowledge about psychological processes into causal explanations for important judgment and choice regularities, emphasizing the adaptive use of an abundance of processing alternatives. Such explanations supplement and support existing mathematical descriptions of phenomena such as loss aversion or hyperbolic discounting. Unlike such descriptions, they also provide entry points for interventions designed to help people overcome judgments or choices considered undesirable.

Keywords: choice, preference, inference, cognition, emotion, attention, memory, learning, process models

Suggested Citation

Weber, Elke U. and Johnson, Eric J., Mindful Judgment and Decision Making (2009). Annual Review of Psychology, Vol. 60, p. 53, 2009; Columbia Business School Research Paper. Available at SSRN: https://ssrn.com/abstract=1957342

Elke U. Weber

Columbia Business School - Management & Psychology ( email )

3022 Broadway
New York, NY 10027
United States

Eric J. Johnson (Contact Author)

Columbia Business School - Marketing ( email )

New York, NY 10027
United States

Paper statistics

Downloads
1,038
Rank
16,152
Abstract Views
4,221