Judgement And Decision Making

Catalog description

The papers in the JDM seminar attempt to increase the explanatory power of neoclassical economics by providing it with more realistic psychological foundations and trying to pinpoint the actual causes of consumer behavior. They focus on the modifications of the normative assumptions of economics, expanding on the notion of utility from one that simply codifies a preference (decision utility) to something that captures how consumers feel about their choices (experience utility) or how they imagine the future will be like with their choices (forecasted utility).