Honors | Rational Decision Making
H205 | 26188 | Noretta Koertge
One of the secrets to a good life is making good decisions. But how
is that to be done? Sometimes we are able to weigh up the pros and
cons of the various options open to us. Other times we procrastinate
and dither and may even end up tossing a coin or consulting Tarot
cards. In this course we look at two types of basic research on
decision making. We begin with an approach developed by economists
and mathematicians called Rational Choice Theory which claims to
describe the procedures that people should use in making decisions.
Then we study results coming from a field called Behavioral Decision
Theory in which psychologists and cognitive scientists describe the
guidelines and heuristics that ordinary people actually use when
they make decisions.