A dual system model of preferences under risk

“Recently, scholars have proposed dual-process models in which processing conformed either to expected value (or expected utility) versus prospect theory (e.g., Loewenstein & O'Donoghue, 2005; Mukherjee, 2010).”

“…proportional difference model (González-Vallejo, 2002), the decision affect theory (Mellers, 2000), the dual system model of preference under risk (Mukherjee, 2010), and the rank-dependent expected utility theories (e.g., Quiggin, 1982; for a summary of alternatives to expected utility see…”

“Finally, both modes influence decision making behavior to varying degrees, depending not only on the nature of decision outcomes and the way a situation is framed but also on individual differences (Mukherjee, 2010).”

“Mukherjee recently developed a formal mathematical model, which assumes parallel functioning by both systems, while the final decision is a weighted combination of the valuations from both systems based on the value maximization paradigm (Figure 1) [11].”

“(3) The assumptions underlying Equation 3 come from diverse lines of research from a range of disciplines and resemble some of the assumptions made in Mukherjee (2010).”

“Dual-process models have emerged as an important conceptual framework in the study of human information processing and decision making.([40]) These models have been applied Adaptive Choice-Based Conjoint Analysis 259”

“Low-risk situations are less likely to trigger and will not make individuals engage in a careful reasoning when choosing between working with a human and working with a robot [38, 50].”

“It is worth noting that, until now, only some dual-process accounts have explicitly addressed decision making under uncertainty (a recent exception is Mukherjee, 2010).”

“That is, both modes influence decision making behavior to varying degrees, depending on factors such as individual differences, situational characteristics and the nature of the decision outcomes (Mukherjee 2010).”

“The intuitive system is responsible for fast processes that are affective, emotional, and automatic, while the deliberative system is responsible for slower processes that are more analytical, rational, and calculating in nature (Chaiken & Trope, 1999; Kahneman & Frederick, 2002; Mukherjee, 2010; Sloman, 1996; Stanovi…”

“Although there have been some efforts to model standard dual-process-models (e.g., Loewenstein, O’Donoghue, & Bhatia, 2015; Mukherjee, 2010), these prior dual-process models have not been evaluated for fit to actual subjects’ data.”

“Mukherjee (2010) recently proposed a formalized a dual-system model (DSM) approach for risky choice.”

“…above is based on the assumptions of dual-system theory, where the response time in decision making and their management by Systems 1 and 2, seem to have different characteristics in the use of the perceptual-cognitive processes (Mukherjee, 2010; Reyna & Brainerd, 2011; Tversky & Kahneman, 1983).”

“In recent years, it has become evident that decisionmaking theories which assume a single system of reasoning are not sufficient to explain human decision-making [8,9,26-28].”

“…i.e., dual-process models, conceptualizing addictions as an imbalance between under-activated cognitive/reflective (mostly relying on prefrontal regions) and over-activated substance-related/reflexive (mostly related to subcortical limbic regions) systems (Mukherjee, 2010; Stacy & Wiers, 2010).”

“…dual process theories can be found in social, personality, cognitive, and clinical psychology (Barrett, Tugade, & Engle, 2004; Chaiken & Trope, 1999; Evans, 2008; Evans & Stanovich, 2013; Gawronski & Bodenhausen, 2006; Moss & Albery, 2009, 2010; Mukherjee, 2010; Sloman, 1996; Slovic et al., 2002).”

“84,91,92 Dishabituation can occur in response to different erotic stimuli that are perceived to be of higher arousing potential.”

“Distinct cerebral networks underly each subcomponent: a prefrontal network for the deliberative-reflective subcomponent (prefrontal cortex, cingulum, cerebellum), and a limbic network for the affective-impulsive subcomponent (amygdala and striatum) (Mukherjee, 2010; Noël et al., 2013).”

“DUAL-PROCESS MODEL IN ALCOHOL-DEPENDENCE Dual-process model (Mukherjee, 2010) posits that decisionmaking abilities result from the interactions between two systems: (1) the “reflective system,” involved in the cognitive evaluation of the stimuli by means of memory and executive functions, responsible for controlled-de…”

“…differences in probability sensitivity for affect-rich versus affect-poor outcomes (Hsee & Rottenstreich, 2004; Loewenstein et al., 2001; Mukherjee, 2010; Rottenstreich & Hsee, 2001; Sunstein, 2002; Suter et al., 2012) as well as differences in sensitivity to other outcome…”

“For these reasons, psychological pain in lethally suicidal crises—which is, at least in part, ideational—represents at least a candidate for the gravest form of human misery of all (the true “emperor of all maladies, the king of all terrors;” cf. Mukherjee, 2010; and Job 18:14).”

“Decision-making under risk is another domain in which dual-process theories abound (e.g., Figner, Mackinlay, Wilkening, & Weber, 2009; Kahneman & Frederick, 2007; Mukherjee, 2010; Steinberg, 2010), and the dual-process perspective was inspired in part by Kahneman and”

“In this light, references are proposed to reflect a combined result of these two systems, with the affective system driving nonlinearities in aluation and the deliberative system valuing outcomes more linearly (Hsee and Rottenstreich, 2004; Mukherjee, 2010).”

“…reflection, and event-splitting effects, provide strong evidence against theories that use expected utility to describe choice (Birnbaum, 2008; Brandstätter et al., 2006; Kahneman & Tversky, 1979; Loomes, 2010; Loomes & Sugden, 1982; Machina, 1987; Mukherjee, 2010; Starmer, 2000).”

“In light of these results, it appears that Internet addiction can be integrated in the dual-process framework (Mukherjee, 2010; Noel, Brevers, & Bechara, 2013), proposing that addictive states are characterized by a disequilibrium between under-activated reflective system (involved in the cognitive…”

“Two recent articles, the first by Lowenstein and O’Donoghue,(41) and the second by Mukherjee,(42) present formal behavioral economic models of consumer choice that capture the long tradition in psychology and decision theory that argues for the dualprocess approach summarized in Fig.”

“Therefore, this would indicate that gaming disorder can be related to an interaction of cognition (i.e., attentional processes) and emotions, which fits the framework offered by dual-process models (D’Hondt and Maurage 2017; Mukherjee 2010).”

“They postulate that decision-making is determined by the interaction between: (1) the “reflective system”, responsible for the deliberative and controlled responses, and (2) the “impulsive system”, that initiates the automatic and appetitive behaviors (Mukherjee, 2010).”

“This is very much in line with dual-process models of human decision making (Chaiken & Trope, 1999; Kahneman & Egan, 2011; MacKuen et al., 2007; Marcus, 1988; Marcus & MacKuen, 1993; Mukherjee, 2010; Sherman, Krieglmeyer, & Calanchini, 2014), which argue that humans are equipped with two distinct decision making syste…”

“This model (e.g., Mukherjee, 2010; Wiers et al., 2007) centrally postulates that efficient decision-making is determined by the balance between a “reflective system” (mostly relying on frontal regions and responsible for the deliberative and controlled responses) and a “reflexive system” (mostly…”

“Although we have presented the two models as alternatives, it seems likely that Care and Flow will in practice influence decisions in tandem, such as in Mukherjee’s model of decision making under uncertainty as a weighted combination of System 1 and System 2 thinking (Mukherjee, 2010).”

“Recent models in psychology based on this dual process in a utility framework (Kahneman, 2011; Schulze & Wansink, 2012; Loewenstein & O'Donoghue, 2004; Mukherjee, 2010) could possibly add clarity to the complex interactions of food safety, and risk perceptions.”

“Some of them have developed models which conceptualise the influence of affect and affective process as modulating nonlinear value and probability functions (Mukherjee, 2010).”

“While themost common application of these models is temporal discounting, the dual-self model by Fudenberg and Levine (2006, 2011) as well as the “dual-system” models by Loewenstein and O’Donoghue (2005) and Mukherjee (2010) also explicitly address decision making under risk.”

“We hypothesize that this is because most existing models depend only on the analytical process of human cognition and ignore other experiential aspects of the decisions humans face[12,50].”

“…their sensitivity to the scope of quantitative attributes and that this explains why increments along quantitative attributes often have diminishing marginal value (Hsee and Rottenstreich 2004; Hsee, Rottenstreich, and Xiao 2005; Mukherjee 2010; Patalano et al. 2015; Schley and Peters 2014).”

“Models such as prospective reference theory (Viscusi, 1989), the dual-systems model of risk (Mukherjee, 2010), the dual-systems model of affect and deliberation (Loewenstein et al., 2015), the noisy retrieval model (Marchiori et al., 2015) and distracted decision field theory (Bhatia, 2014), which…”

“Risk processing in humans is not only a deliberate calculation of probability but also involves the evaluation of affective states (Mukherjee, 2010).”

“Consequently, individuals are more likely to rely on the affective (as opposed to deliberative, analytical) system in decision making as a target becomes more closer (Chang & Pham, 2013; Mukherjee, 2010).”

“The Competing Neurobehavioral Decisions Systems (CNDS) Model is a broad, fundamental framework grounded in neuroeconomics and dual processing theory (Mukherjee, 2010).”

“Conversely, the attainment probability should have little effect on the valuation of goal-based prosocial rewards because the affective approach is relatively insensitive to changes in outcome probability (Buechel et al. 2014; Hsee and Rottenstreich 2004; Mukherjee 2010).”

“According to dual-process models, decision-making relies on the interaction between the reflective system (underpinned by prefrontal areas and supervising rational behaviors) and the reflexive system (subtended by limbic regions and responsible for automatic approach behaviors; Mukherjee, 2010).”

“In this perspective, dual-process models (Bechara & Damasio, 2005; Mukherjee, 2010) offer an innovative theoretical background to renew the exploration of the continuity theory by exploring its generalization towards other cognitive abilities.”

“Thus, the final output that drives decisions is a combination of the evaluations of the two systems (Mukherjee 2010).”

“…and decision-making is actually a combination of two different process modes: rapid, automatic, effortless, and affective information processing (System 1), and slower, deliberate, effortful, and cognitive information processing (System 2) (Kahneman, 2003; Slovic et al., 2005; Mukherjee, 2010).”

“The existing theories of decision only take a unitary (single system of thought) perspective towards human decision (Andersen, Harrison, Lau, & Rutstrom, 2013; Mukherjee, 2010) that are handicapped in explaining the heterogeneity of”

“Specifically, Hsee and Rottenstreich (2004) and Mukherjee (2010) posit that System-1 processing is strongly risk-averse, while System-2 processing is less so—such that weakening the influence of System 2 should increase risk aversion.”

“…Alcohol-related disorders; attentional bias; dual-process model; inhibition Dual-process models (Bechara, 2005; Bechara & Damasio, 2005; Mukherjee, 2010; Noël, Bechara, Brevers, Verbanck, & Campanella, 2010; Wiers et al., 2007), which are currently the dominant models in addictive…”

“…to overlook probability information is often treated as a direct consequence of emotion though some models more explicitly emphasize the complex interaction of the analytical and emotional processing without assuming such a trade-off (Loewenstein, O'Donoghue, & Bhatia, 2015; Mukherjee, 2010).”

“Rather, these risk preferences may be strongly affect-driven (Mukherjee, 2010).”

“Heuristic decision-making simplifies the choice process and induces more irrational behavior, while the engagement of analytical decision-making leads to more rational choices (Cui et al., 2022; Mukherjee, 2010; Roberts et al., 2021; Su et al., 2013).”

“Recent reviews on the subject can be found in (Alós- Ferrer & Strack, 2014; Brocas & Carrillo, 2014; Dayan, 2009), while some of the recent modelling advances constitute (Andersen , Harrison, Lau, & Rutström, 2014; Fudenberg & Levine, 2006; Fudenberg, Levine, & Maniadis, 2014; Mukherjee, 2010).”

“The dual systems model (Mukherjee, 2010) predicts that low levels of blood glucose change the balance between two mental systems in favor of a more intuitive and risk averse system, and hence that low blood glucose increases risk aversion (we note that there are exceptions to this prediction,…”

“Conversely, the reflective system requires deliberate efforts, operates analytically, and is influenced by factors such as consciousness, reason, and computation (Chaiken and Trope 1999; Kahneman and Shane 2002; Mukherjee 2010).”

“Decision making is influenced by both intuition and deliberation to some varying extent, depending on an individual’s thinking habits, the affective nature of the outcomes, and the task construal (Mukherjee, 2010).”

“Mukherjee (2010) described the two processes of cognitive-experiential theory as follows: Fuzzy traces, categories, and selective attention Some neural network researchers have made statements about how to choose between competing models of the same datasets.”

“One system, generically called “System 1,” includes fast and intuitive processes, whereas the other system, often called “System 2,” is described in terms of slow and deliberative processing (see e.g., Chaiken and Trope, 1999; Stanovich and West, 2000; Evans, 2008; Mukherjee, 2010; Guo et al., 2017; Roberts et al., 20…”

“…in Psychology | www.frontiersin.org 1 February 2016 | Volume 7 | Article 168 a well-validated conception in the addiction field (Bechara, 2005; Bechara and Damasio, 2005; Mukherjee, 2010; Noël et al., 2010), might constitute a reliable theoretical background to address this shortcoming.”