A Perspective on Judgment and Choice
Mapping Bounded Rationality
Daniel Kahneman
Princeton University
SUMMARY
Early studies of intuitive judgment and decision makingconducted with the late Amos Tversky are reviewed in thecontext of two related concepts: an analysis of accessibility, the ease with which thoughts come to mind; a distinction between effortless intuition and deliberate reasoning.Intuitive thoughts, like percepts, are highly accessible. Determinants and consequences of accessibility help explainthe central results of prospect theory, framing effects, theheuristic process of attribute substitution, and the characteristic biases that result from the substitution of nonextensional for extensional attributes. Variations in the accessibility of rules explain the occasional corrections of intuitivejudgments. The study of biases is compatible with a view ofintuitive thinking and decision making as generally skilledand successful.
http://pages.pomona.edu/~rt004747/lgcs11read/Kahneman03.pdf
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