Rational Choice in an Uncertain World: The Psychology of Judgment and Decision Making

Rational Choice in an Uncertain World: The Psychology of Judgment and Decision Making

"The authors are highly respected as leading figures in the field of judgment and decision making. There are many existing books on topics related to judgment and decision making, but this book makes a unique contribution to this field because of its systematic and scholarly approach, and its breadth of coverage."
Robert Goldstone, Indiana University

"Reid Hastie and Robyn Dawes are two of the most eminent researchers in the field. I know these authors to be excellent writers and I have no doubt that their writing style will be suitable for my students."
―William Goldstein, University of Chicago

In the new edition of this award-winning text, renowned authors Reid Hastie and Robyn Dawes compare and contrast the basic principles of rationality with actual behavior in making decisions. This book explores theories and research findings from the field of judgment and decision making in a non-technical manner, using anecdotes as a teaching device. Intended as an introductory textbook for advanced undergraduate and graduate students, the material not only is of scholarly interest but is practical as well.

New to This Edition

  • Chapter introductions, conclusions, and cross-references between chapters make the text more student friendly
  • An abundance of examples from areas such as finance, medicine, law, and engineering anchor concepts to the real world
  • Increased consideration of descriptive, psychological models of decision making augment the original emphasis on normative, rational, "Expected Utility Theory" models, bring the book up to date
  • Balance among the three major approaches to judgment and decision making: cognitive psychological analyses of mental processes and heuristics, descriptive algebraic models of judgment and decision processes, and rational models of decision making

Details Rational Choice in an Uncertain World: The Psychology of Judgment and Decision Making

Title Rational Choice in an Uncertain World: The Psychology of Judgment and Decision Making
AuthorReid Hastie
Release Date17th Nov 2009
PublisherSAGE Publications, Inc
Pages392 pages

8 reviews on “Rational Choice in an Uncertain World: The Psychology of Judgment and Decision Making

  1. Anonymous

    As a management consultant working with clients to make higher quality decisions, I have made many observations of how people (especially executives and groups) make business decisions. But observing how they make decisions is different than “why” they decide what they decide. This book provides so much insight into the “why” it is definitely worth the reading. While the book is very valuable on the “why” it is a little dated on state of the art analytic decision techniques. But with that said, I would highly recommend this book to any consultant (OE, OD, DA, etc.) working with individuals or groups where decisions are being made….

  2. Anonymous

    The addition of Reid Hastie as an author to Robyn Dawes’ classic text on judgment and decision making was superb choice. This edition appears to be written very much in Hastie’s voice, from the perspective of a cognitive psychologist. Moreover, we find additional attention paid to algebraic models, which was something that was missing from previous editions. Hastie and Dawes ranks as one of the essential readings for the judgment and decision-making field….

  3. Dr. Cathy Goodwin

    The authors emphasize that decision-making is a skill that can be learned and improved. As I work with career changers, I have become convinced that most of us have not learned this skill, and most of us could benefit from a careful reading of this book.Hastie and Dawes present results of scientific psychological research, using language that is easy for the ordinary person to understand. Their examples come from everyday life and news stories: Chernobyl, the “hot hand” theory of basketball, mammography.I would also recommend this book to any students of psychology, including those entering graduate school in social psychology, marketing or management. Hastie and Dawes demonstrate that academic studies needn’t be dry, but in fact yield fascinating conclusions that are widely relevant. At the same time, they show the way researchers think and introduce the notion of probability in a way that makes readers want to learn more….

  4. Anonymous

    I read this book as part of a college course on cognition. It was defintely the most interesting of the 3 books we read in this class.The book effectively teaches you how to go about making well-thought-out decisions. The text in itself is easy to read and comprehend. There are also many apt examples, both abstract and from everyday life. This combination ensures a successful reading of this book.While I would have probably never read this book if not for the class I took, I’m glad I did and would recommend this people from all walks of life. Being able to make a good, well-thought-out, rational decision is the best skill one can have….

  5. Customer

    For my graduate course in Judgment and Decision Making this was one of our texts – and I have to say I appreciate that very much. I won’t be selling this one back – and in fact have already started to work on my own decision making processes using the principles my class and this text have taught me. The authors did their best to make it concise enough to easily absorb – which in my case allows me the time to learn more about the topic from current research – which I appreciate. This is a readable guide if you want it to be – it has the same issues as many texts (they use different terms for things than other researchers do, etc.) but that’s normal. I would recommend this one if you really want to understand the science behind your mind….

  6. D. Goldstein

    Intended as an introductory textbook for both undergraduate and graduate students, Rational Choice In An Uncertain World lays out the foundations of decision science. In a non-technical style, Hastie and Dawes compare basic principles of rationality with actual behavior in decision-making. This book is not about what to choose, rather about how we choose.I have used this as a graduate course textbook (and I was taught from it). While the book is partially directed at advanced undergrads, my experience is that the content is almost entirely new to most grad students in psychology, marketing, organizational behavior, strategy, finance, economics, etc. This is a book I re-read every two years….

  7. nc

    This was assigned for a graduate course, but I found myself reading even the parts that weren’t required – it was that interesting! I would highly recommend it to anyone looking for a good read. Not only is it well-written and intriguing, but it also taught me a LOT about my biases and how to avoid falling into those traps in the future. I find my decisions to be much more well-thought out and fact-based now than they were before….

  8. Customer

    An excellent review of the science on rational decision making and common irrational foibles. More detailed and academic than a pop psych book, but still very approachable for undergraduates or anyone with an interest in the field.This would not be a good choice for first exposure to rationality, behavioral economics, and decision theory all at once. If you have some exposure to one of those and would like to expand your knowledge of the field, this is the best book out there. Kahneman’s Thinking, Fast and Slow got me interested. This book satisfied. Will definitely reread again and again….

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