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6.2.1 Tradeoff Studies and Cognitive Biases
Author(s) -
Smith Eric D.,
Bahill A. Terry
Publication year - 2006
Publication title -
incose international symposium
Language(s) - English
Resource type - Journals
ISSN - 2334-5837
DOI - 10.1002/j.2334-5837.2006.tb02786.x
Subject(s) - subjectivity , objectivity (philosophy) , cognition , computer science , cognitive psychology , decision theory , cognitive bias , artificial intelligence , management science , psychology , cognitive science , epistemology , mathematics , economics , statistics , philosophy , neuroscience
Tradeoff studies involving human subjective calibration and data updating are often distrusted by decision makers. A review of objectivity and subjectivity in decision making shows that Prospect Theory is a good model for actual human decision making. Similarities between the elements of tradeoff studies and the elements of experiments in cognitive science show that tradeoff studies are susceptible to human cognitive biases. Examples of relevant biases are given.