The Experienced Utility of Expected Utility Approaches

Abstract

Abstract : Reviewing many research results, the present report concludes: (a) the ability of the weighted average models to predict the decisions that people make varies from situation to situation; (b) even where they are successful in predicting decisions, these models may not do a very good job of describing the psychological processes that determined them. That is, their predictive accuracy is in part an artifact of the research techniques used.