Cognitive science contributions to decision science

Abstract

This article briefly reviews the history and interplay between decision theory, behavioral decision-making research, and cognitive psychology. The review reveals the increasingly important impact that psychology and cognitive science have on decision science. One of the main contributions of cognitive science to decision science is the development of dynamic models that describe the cognitive processes that underlay the evolution of preferences during deliberation phase of making a decision.

Keywords: Heuristics; Prospect theory; Sequential sampling models; Utility theory.