| Abstract: |
A novel decision theory is emerging out of sparse findings in economics,
mathematics and, most importantly, psychology and computational cognitive
science. It rejects a fundamental assumption of the theory of rational
decision-making, namely, that uncertain belief rests on independent assessment
of utility and probability, and includes envisioning possibilities within its
scope. Several researchers working with these premises, independently of one
another, arrived at the conclusion that decision is made by highlighting the
positive features of the alternative that will be chosen while opposing it to
a loosing alternative, whose unpleasant aspects have been stressed. This
article frames together contributions from different disciplines, often
unknown to one another, with the hope of improving the coordination of
research efforts. Furthermore, it discusses the status of the novel theory
with respect to our current idea of rationality. |