Transcription of THE THEORY OF DECISION MAKING - University of California ...
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THE THEORY OF DECISION MAKING - University of California ...
PSYCHOLOGICAL BULLETINVol. 51, No. 4, 1954 THE THEORY OF DECISION MAKING1 WARD EDWARDSThe Johns Hopkins UniversityMany social scientists other thanpsychologists try to account for thebehavior of individuals. Economistsand a few psychologists have pro-duced a large body of THEORY and afew experiments that deal with indi-vidual DECISION MAKING . The kind ofdecision MAKING with which this bodyof THEORY deals is as follows: giventwo states, A and B, into either one ofwhich an individual may put himself,the individual chooses A in prefer-ence to B (or vice versa). For in-stance, a child standing in front of acandy counter may be consideringtwo states.
theory of risky choices, transitivity in decision making, and the theory of games and of statistical decision functions. Since this literature is un-familiar and relatively inaccessible to most psychologists, and since I could not find any thorough bibliography on the theory of choice in the eco-nomic literature, this paper includes
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