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Do humans make good decisions?

Abstract:

Human performance on perceptual classification tasks approaches that of an ideal observer, but economic decisions are often inconsistent and intransitive, with preferences reversing according to the local context. We discuss the view that suboptimal choices may result from the efficient coding of decision-relevant information, a strategy that allows expected inputs to be processed with higher gain than unexpected inputs. Efficient coding leads to 'robust' decisions that depart from optimality...

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Publisher copy:
10.1016/j.tics.2014.11.005

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Institution:
University of Oxford
Division:
MSD
Department:
Experimental Psychology
Role:
Author
Publisher:
Elsevier
Journal:
Trends in Cognitive Sciences
Volume:
19
Issue:
1
Pages:
27-34
Publication date:
2015-01-01
DOI:
EISSN:
1879-307X
ISSN:
1364-6613
Source identifiers:
502730
Language:
English
Keywords:
Pubs id:
pubs:502730
UUID:
uuid:1d985f96-5d91-484f-ac49-c0060b4c60eb
Local pid:
pubs:502730
Deposit date:
2015-01-16

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