Maps of Bounded Rationality: Psychology for Behavioral Economics
Abstract
Daniel Kahneman received the Nobel Prize in economics sciences in 2002, December 8, Stockholm, Sweden. This article is the edited version of his Nobel Prize lecture. The author comes back to the problems he has studied with the late Amos Tversky and to debates conducting for several decades already. The statement is based on worked out together with Shane Federik the quirkiness of human judgment. Language: ru
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Intense intuitive concern may be overruled (but not reduced) by less intense concerns resulting from conscious consideration.
“Intense intuitive concern may be overruled (but not reduced) by less intense concerns resulting from conscious consideration.”
From The privacy paradox – investigating discrepancies between expressed privacy concerns and actual online behavior – a systematic literature review (2017) · cites this paper as Kahneman, 2003
There are two explanations for the privacy paradox: either individuals act on their intuitive concern without assessing the risks due to incomplete understanding of it, or high considered concern may be overridden by low considered concern.
“there are two explanations for the privacy paradox: Either individuals act on their intuitive concern without assessing the risks due to incomplete understanding of it (no considered concern takes place) or high considered concern may be overridden by low considered concern”
From The privacy paradox – investigating discrepancies between expressed privacy concerns and actual online behavior – a systematic literature review (2017) · cites this paper as Kahneman, 2003
Decision-making is based on two systems: System I is fast and automatic but vulnerable to influences that inhibit the rational decision-making process, whereas System II is rational and responsible for reasoning.
“System I is fast and automatic but is vulnerable to influences that inhibit the rational decision-making process (produces intuitive concern for instance), whereas System II is rational and responsible for reasoning (produces considered concern, for instance).”
From The privacy paradox – investigating discrepancies between expressed privacy concerns and actual online behavior – a systematic literature review (2017) · cites this paper as Kahneman, 2003
People lack access to their own associative machinery.
“But people actually lack access to their own associative machinery 18,19 , and rely on heuristics to understand the decision-making of other people 20 .”
From Understanding, explaining, and utilizing medical artificial intelligence (2021) · cites this paper as [18]
Rationality is often defined more broadly in the literature to include various decision rules and heuristics.
“Second, we focus on economic rationality as defined by revealed preference analysis, whereas rationality is often defined more broadly in the literature to include various decision rules and heuristics (40, 77, 78).”
From The emergence of economic rationality of GPT (2023) · cites this paper as [40]
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- Authors
- Kahneman, D.
- Affiliations
- Princeton University (US)
- Corresponding author
- Kahneman, Daniel
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2003-11-01
- Volume
- 93
- Issue
- 5
- Pages
- 1449-1475
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2043787485
- Cited by
- 5,377
- References
- 98
- Citations by year
- 2026: 221 · 2025: 306 · 2024: 278 · 2023: 343 · 2022: 275 · 2021: 363 · 2020: 361 · 2019: 390 · 2018: 313 · 2017: 309 · 2016: 282 · 2015: 269 · 2014: 277 · 2013: 215 · 2012: 217
- FWCI
- 45.60
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- American Economic Review (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Social Sciences › Safety Research › Experimental Behavioral Economics Studies
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Keywords
- bounded rationality, heuristics, cognitive biases, judgment errors, Daniel Kahneman, Amos Tversky, behavioral economics, psychology of decision making, Nobel Prize in Economics
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