About: Priority heuristic

An Entity of Type: Thing, from Named Graph: http://dbpedia.org, within Data Space: dbpedia.org

The priority heuristic is a simple, lexicographic decision strategy that correctly predicts classic violations of expected utility theory such as the Allais paradox, the four-fold pattern, the certainty effect, the possibility effect, or intransitivities. The heuristic maps onto Rubinstein’s three-step model, according to which people first check dominance and stop if it is present, otherwise they check for dissimilarity. To highlight Rubinstein’s model consider the following choice problem: I: 50% chance to win 2,000 50% chance to win nothing II: 52% chance to win 1,000 48% chance to win nothing

Property Value
dbo:abstract
  • The priority heuristic is a simple, lexicographic decision strategy that correctly predicts classic violations of expected utility theory such as the Allais paradox, the four-fold pattern, the certainty effect, the possibility effect, or intransitivities. The heuristic maps onto Rubinstein’s three-step model, according to which people first check dominance and stop if it is present, otherwise they check for dissimilarity. To highlight Rubinstein’s model consider the following choice problem: I: 50% chance to win 2,000 50% chance to win nothing II: 52% chance to win 1,000 48% chance to win nothing Dominance is absent, and while chances are similar monetary outcomes are not. Rubinstein’s model predicts that people check for dissimilarity and consequently choose Gamble I. Unfortunately, dissimilarity checks are often not decisive, and Rubinstein suggested that people proceed to a third step that he left unspecified. The priority heuristic elaborates on Rubinstein’s framework by specifying this Step 3. (en)
dbo:wikiPageExternalLink
dbo:wikiPageID
  • 59998083 (xsd:integer)
dbo:wikiPageLength
  • 6408 (xsd:nonNegativeInteger)
dbo:wikiPageRevisionID
  • 1072877866 (xsd:integer)
dbo:wikiPageWikiLink
dcterms:subject
rdfs:comment
  • The priority heuristic is a simple, lexicographic decision strategy that correctly predicts classic violations of expected utility theory such as the Allais paradox, the four-fold pattern, the certainty effect, the possibility effect, or intransitivities. The heuristic maps onto Rubinstein’s three-step model, according to which people first check dominance and stop if it is present, otherwise they check for dissimilarity. To highlight Rubinstein’s model consider the following choice problem: I: 50% chance to win 2,000 50% chance to win nothing II: 52% chance to win 1,000 48% chance to win nothing (en)
rdfs:label
  • Priority heuristic (en)
owl:sameAs
prov:wasDerivedFrom
foaf:isPrimaryTopicOf
is dbo:wikiPageRedirects of
is dbo:wikiPageWikiLink of
is foaf:primaryTopic of
Powered by OpenLink Virtuoso    This material is Open Knowledge     W3C Semantic Web Technology     This material is Open Knowledge    Valid XHTML + RDFa
This content was extracted from Wikipedia and is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License