A formal model of fuzzy-trace theory: Variations on framing effects and the Allais paradox.

ABSTRACT: Fuzzy-trace theory assumes that decision-makers process qualitative "gist" representations and quantitative "verbatim" representations in parallel. We develop a lattice model of fuzzy-trace theory that explains both processes. Specifically, the model provides a novel formalization of how: 1) decision-makers encode multiple representations of options in parallel; 2) representations compete or combine so that choices often turn on the simplest representation of encoded gists; and 3) choices between representations are made based on positive vs. negative valences associated with social and moral principles stored in long-term memory (e.g., saving lives is good). The model integrates effects of individual differences in numeracy, metacognitive monitoring and editing, and sensation seeking. We

SUBMITTER: Broniatowski DA 

PROVIDER: S-EPMC6176745 | biostudies-literature | 2018 Oct

REPOSITORIES: biostudies-literature