The And Decision Making A Critical Literature Review

BUSS7901 Critical Literature Review 1.1 Introduction The presence of commonalities in human information processing has emerged from decades of research into widespread use of decision heuristics by individuals. Tversky Kahneman (1986) demonstrated how individuals violate normative decision rules by employing decision heuristics (e.g. representativeness, availability, and anchoring) to solve complex problems. These cognitive aspects of decision making play a primary role in the investment selection decision process when weighing up the benefits and costs from choice. These cognitive biases that arise have been oft ignored by researchers in favour of the expected utility theory (Von Neuman Morgenstern 1994). This study discusses a key cognitive bias in loss aversion and how it is expressed in financial decision making through the disposition effect. Additionally the difficulties of measuring and the research direction towards developing a predictive disposition index. 1.2 Prospect theory and decision making The cognitive features of individuals involved in the decision making process are derived from prospect theory (Kahneman Tversky 1979). Prospect theory identifies humans as not completely rational and subject to their own mental accounting and bounded rationality (Simon 1972), these processes cause rule of thumb heuristics and cognitive biases to arise in the decision making process. Mental accounting (Thaler 1985) refers to the implicit methodsShow MoreRelatedIntroduction And Objectives Of The Study. Introduction1149 Words   |  5 Pagesthere is more than one decision maker. The criteria being considered always vary from one contractor to another. Some may only consider the revenue and value of project, whilst some may focus on its financial of owner, knowledge of supervisor and so on. 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