Introductory description

The main aim of this module Psychological Models of Choice is to review theories of individual choice. Core empirical results in the decision-making literature will be reviewed and their theoretical implications explored.

Module web page

Module aims

Outline syllabus

This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.

Introduction to cognitive modelling
Psychological Models of Risky Choice
Evidence Accumulation models
Heuristics
Information Biases
Emotions and arousal
Big Data & Choice models
Decision by sampling

Learning outcomes

By the end of the module, students should be able to:

• 1. Read, understand, and critically evaluate academic articles that report models of choice
• 2. Describe and discuss the strengths and weaknesses of the most important models of individual choice
• 3. Implement a mathematical model of individual choice; understand and analyse the relation between theory and data
• 4. Describe and evaluate the appropriateness of key experimental methods for testing models of decision making
• 5. Understand the theoretical importance of core, critical empirical results in decision making

Indicative reading list

Ariely, D. (2008). Predictably irrational. The hidden forces that shape our decisions. New York: Harper.

Baron, S. (2008). Thinking and deciding (4th ed.). Cambridge, England: Cambridge University Press.

Busemeyer, J. R., & Townsend, J. T. (1993). Decision field theory: A dynamic-cognitive approach to decision making in an uncertain environment. Psychological Review, 100, 432–459.

Kahneman, D. (2011). Thinking, fast and slow. New York: Macmillan.

Kahneman, D., & Tversky, A. (2000). Choices, values and frames. New York: Cambridge University Press & the Russell Sage Foundation.

Lichtenstein, S. & Slovic, P. (2006). The construction of preference. Cambridge, UK: Cambridge University Press.

Newell, B. R., Lagnado, D. A., & Shanks, D. R. (2007). Straight choices: The psychology of decision making. Hove, UK: Psychology Press.

Subject specific skills

• Understanding & evaluation of models of individual choice
• Analysis of relationships between theory and data
• Development of criticisms of methodologies
• Implementation of mathematical models of decision making

Transferable skills

• Critical evaluation of academic articles
• Discussion of the strengths and weaknesses of models
• Evaluation of the appropriateness of experimental methods