Every day we have to perform evaluations and make decisions. Which university studies should I pursue? How should I invest my savings? Should I accept or refuse an economic opportunity? Should I undergo an intrusive medical test? Decision-making is complicated: often we have little time to decide, available information is generally incomplete, margins of uncertainty are usually quite significant. Moreover, choosing among many alternatives may be so painful that we procrastinate the decision or simply resort to chance. Nevertheless, often we decide on the basis of intuitions, or "hunches". But was does "deciding on the basis of intuition" mean exactly? By using theoretical models and experimental evidence drawn from decision-making psychology, the authors show how various psychological traps can transform an intuitive decision into a bad decision. The volume is intended for use in university-level Psychology and Economics courses, business administration schools and by anyone who deals professionally with decision-making.
Contents: 1. Opinion Revision and Event Forecasting - 2. Judgement Formation: Heuristics and Systematic Errors - 3. Decision Models - 4. Rules for Choice and Decision Processes - 5. Emotions and Decision-Making Conflicts - 6. Evaluations and Decisions in Economics - 7. Decision-Making Hints and Thinking in Terms of Probability -- Bibliographical References.
Rino Rumiati teaches Psychology in the Faculty of Economics at the University of Trento and Economic Psychology in the Faculty of Psychology at the University of Padua.
Nicolao Bonini teaches General Psychology in the Faculty of Letters and Philosophy at the University of Trento and Psychology of Cognitive Processes in the same university's School for Specialisation in Secondary Education.