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Bounded Rationality and Framing
1971 - 2001
During 1971-2001, decision-making research crystallized a bounded rationality perspective, showing adaptive heuristics that balance accuracy with cognitive effort under time pressure and processing constraints. Framing and valuation distort choices, with regret and disappointment shaping preferences beyond expected utility. Organizational decision processes emphasize procedural rationality and structured models, while information-search under task complexity reveals systematic search patterns and protocol-analysis-informed forecasts that illuminate decision architectures under uncertainty. Influential Works: Prominent milestones include Choices, Values, and Frames (1984), which established prospect theory's framing and loss aversion as foundational to decision under risk. Later works, such as Regret in Decision Making under Uncertainty (1982) and Disappointment in Decision Making Under Uncertainty (1985), demonstrated how anticipated emotion can steer choice beyond pure utility, whereas Curvature of the Probability Weighting Function (1996) documented nonlinear probability weighting. In the early 2000s, Risk as feelings (2001) integrated affect into risk judgments, signaling a shift toward emotion-informed decision models.
• Decision making under cognitive load evolves toward adaptive strategies and heuristics, balancing accuracy and effort; complexity, time pressure, and information processing constraints drive simplification and selective use of procedures [4], [13], [15], [2], [8].
• Framing and valuation distort choices; prospect-theory-like frames, regret, and disappointment shape preferences beyond expected utility, evident in choices, values, and frames, regret in uncertainty, and disappointment effects [5], [3], [10], [19].
• Organizational decision processes emphasize procedural rationality, structured models, and participation; process design and information-gathering methods influence outcomes in strategic decision making [17], [11], [18], [14].
• Information-search and processing under task complexity reveal systematic search patterns and model-based forecasts; protocol analysis and forecasting work together to reveal decision architectures under uncertainty [2], [16], [7], [19].
Dual-Process Decision Dynamics
2002 - 2008
Neuroeconomic Valuation and Self-Control
2009 - 2015
Collaborative Decision-Making
2016 - 2024