Information Processing as a Paradigm for Decision Making

Posted: 9 Jan 2015

See all articles by Daniel M. Oppenheimer

Daniel M. Oppenheimer

University of California, Los Angeles (UCLA) - Anderson School of Management

Evan M Kelso

University of California, Los Angeles (UCLA) - Anderson School of Management

Date Written: January 2015

Abstract

For decades, the dominant paradigm for studying decision making — the expected utility framework — has been burdened by an increasing number of empirical findings that question its validity as a model of human cognition and behavior. However, as Kuhn (1962) argued in his seminal discussion of paradigm shifts, an old paradigm cannot be abandoned until a new paradigm emerges to replace it. In this article, we argue that the recent shift in researcher attention toward basic cognitive processes that give rise to decision phenomena constitutes the beginning of that replacement paradigm. Models grounded in basic perceptual, attentional, memory, and aggregation processes have begun to proliferate. The development of this new approach closely aligns with Kuhn's notion of paradigm shift, suggesting that this is a particularly generative and revolutionary time to be studying decision science.

Suggested Citation

Oppenheimer, Daniel M. and Kelso, Evan M, Information Processing as a Paradigm for Decision Making (January 2015). Annual Review of Psychology, Vol. 66, pp. 277-294, 2015. Available at SSRN: https://ssrn.com/abstract=2547481 or http://dx.doi.org/10.1146/annurev-psych-010814-015148

Daniel M. Oppenheimer (Contact Author)

University of California, Los Angeles (UCLA) - Anderson School of Management ( email )

110 Westwood Plaza
Los Angeles, CA 90095-1481
United States

Evan M Kelso

University of California, Los Angeles (UCLA) - Anderson School of Management ( email )

110 Westwood Plaza
Los Angeles, CA 90095-1481
United States

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