Decision-making is not instantaneous. Why then does so much decision-science research focus on choice outcomes and not on the choice process? One answer is that we have lacked a robust model for how decisions are generally made. Here Krajbich will present a candidate model, one that views decision-making as a gradual accumulation and comparison of evidence in favor of each option. This choice process adapts to its choice environment (creating various choice biases) and is subject to attentional constraints. Krajbich will focus on recent work extending this modeling framework to decisions with many options (up to 36) and options with multiple attributes/dimensions.  He will also discuss recent work on the neural mechanisms underlying this choice process. Finally, Krajbich will discuss applications and insights from the model: how the choice process changes when comparing low-value or high-value options, and how the choice process betrays people’s private information in strategic settings like bargaining.

 

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