By exposing readers to a wide variety of new and promising perspectives, this book enhances the scope of judgment and decision-making research. It bridges the gap between traditional paradigms and new lines of inquiry; expands awareness of new theories and approaches; and demonstrates how alternative approaches can enhance understanding.

This book opens up new directions in judgment and decision making research. Our society and academic research have largely neglected the fact that sound judgment and decision making are the crux of many professions. This volume explores metacognitive processes as an enabler of competence at decision making. Offering a new analysis of competence, by understanding and communicating what professional decision makers do, this book provides valuable contributions to the judgement/decision making field as well as the professional community at large.

Researchers in a growing number of fields--public policy, law, business, medicine, psychology, engineering, and others--are working to understand and improve human judgment and decision making. This book, which presupposes no formal training, brings together a selection of key articles in the area, with careful organization, introduction and commentaries. Issues involving medical diagnosis, weather forecasting, labor negotiations, risk, public policy, business strategy, eyewitnesses, and jury decisions are treated in this largely expanded volume. This is a revision of Arkes and Hammond's 1986...

This exciting volume marks the birth of a new field--a field that studies law with reference to an accurate, rather than a crude, understanding of human behavior. Behavioral Law and Economics presents new findings in cognitive psychology and behavioral economics, which show that people are frequently both unselfish and over-optimistic; that people have limited willpower and limited self-control; and that people are "boundedly" rational, in the sense that they have limited information-processing powers, and frequently rely on mental short-cuts and rules of thumb. Understanding this kind of...

This exciting volume marks the birth of a new field--a field that studies law with reference to an accurate, rather than a crude, understanding of human behavior. Behavioral Law and Economics presents new findings in cognitive psychology and behavioral economics, which show that people are frequently both unselfish and over-optimistic; that people have limited willpower and limited self-control; and that people are "boundedly" rational, in the sense that they have limited information-processing powers, and frequently rely on mental short-cuts and rules of thumb. Understanding this kind of...

Justice, equity, and fairness are central concerns of everyday life. We frequently assess the fairness of individual acts, social programs, and institutional policies. This book explores how distributions of costs and benefits determine our intuitions about fairness. Some chapters examine the extent to which individual behavior deviates from normative theories of justice. This comparison requires an answer to the question of how fair distributions of resources or burdens should be made. Competing theories, such as utilitarianism and economic efficiency, are discussed. Other chapters...

What makes some decisions easy and others difficult? Current research in judgment and decision making indicates that conflict plays a decisive role in decision making processes. The essays in this book address questions about the causes of conflict and its effects on decision making and emotions, particularly (but not only) the emotion of regret. Several chapters address the role of attribute tradeoffs, such as that between money and risk, in the measurement of values for policy purposes. The chapters provide overviews of several current research programs and present new data.

When people make judgments and choices, especially when faced with uncertainty, they behave in a manner that seems complex and irrational. Cognitive psychologists have identified and organized these patterns of behavior into a descriptively accurate model of human judgments and choices called behavioral decision theory. Incorporating this theory's insights in public policy analysis will enhance our ability to design better policies and enable us to understand the limits of effective regulation.

This book opens up new directions in judgment and decision making research. Our society and academic research have largely neglected the fact that sound judgment and decision making are the crux of many professions. This volume explores metacognitive processes as an enabler of competence at decision making. Offering a new analysis of competence, by understanding and communicating what professional decision makers do, this book provides valuable contributions to the judgement/decision making field as well as the professional community at large.