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发表状态已发表Published
题名Behavioral Decision Making in Normative and Descriptive Views: A Critical Review of Literature
作者
发表日期2021-10
发表期刊Journal of Risk and Financial Management
ISSN/eISSN1911-8074, 1911-8066
卷号14期号:10页码:490-503
摘要

Recent studies on decision analytics frequently refer to the topic of behavioral decision making (BDM), which focuses on behavioral components of decision analytics. This paper provides a critical review of literature for re-examining the relations between BDM and classical decision theories in both normative and descriptive reviews. We attempt to capture several milestones in theoretical models, elaborate on how the normative and descriptive theories blend into each other, thus motivating the mostly prescriptive models in decision analytics and eventually promoting the theoretical progress of BDM—an emerging and interdisciplinary field. We pay particular attention to the decision under uncertainty, including ambiguity aversion and models. Finally, we discuss the research directions for future studies by underpinning the theoretical linkages of BDM with fast-evolving research areas, including loss aversion, reference dependence, inequality aversion, and models of quasi-maximization mistakes. This paper helps to understand various behavioral biases and psychological factors when making decisions, for example, investment decisions. We expect that the results of this research can inspire studies on BDM and provide proposals for mechanisms for the development of D-TEA (decision—theory, experiments, and applications).

DOI10.3390/jrfm14100490
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收录类别ESCI
语种英语English
WOS研究方向Business & Economics
WOS类目Business, Finance
WOS记录号WOS:000747268400001
引用统计
被引频次:3[WOS]   [WOS记录]     [WOS相关记录]
文献类型期刊论文
条目标识符https://repository.uic.edu.cn/handle/39GCC9TT/7339
专题工商管理学院
通讯作者Chai, Junyi
作者单位
1.Division of Business and Management, BNU-HKBU United International College, Zhuhai 519087, China
2.Centre of Evaluation Studies, Beijing Normal University, Zhuhai 519087, China
第一作者单位北师香港浸会大学
通讯作者单位北师香港浸会大学
推荐引用方式
GB/T 7714
Chai, Junyi,Weng, Zhiquan,Liu, Wenbin. Behavioral Decision Making in Normative and Descriptive Views: A Critical Review of Literature[J]. Journal of Risk and Financial Management, 2021, 14(10): 490-503.
APA Chai, Junyi, Weng, Zhiquan, & Liu, Wenbin. (2021). Behavioral Decision Making in Normative and Descriptive Views: A Critical Review of Literature. Journal of Risk and Financial Management, 14(10), 490-503.
MLA Chai, Junyi,et al."Behavioral Decision Making in Normative and Descriptive Views: A Critical Review of Literature". Journal of Risk and Financial Management 14.10(2021): 490-503.
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