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ERIC Number: EJ970174
Record Type: Journal
Publication Date: 2012-Apr
Pages: 24
Abstractor: As Provided
ISBN: N/A
ISSN: ISSN-0033-295X
EISSN: N/A
Available Date: N/A
Robust Decision Making in a Nonlinear World
Dougherty, Michael R.; Thomas, Rick P.
Psychological Review, v119 n2 p321-344 Apr 2012
The authors propose a general modeling framework called the general monotone model (GeMM), which allows one to model psychological phenomena that manifest as nonlinear relations in behavior data without the need for making (overly) precise assumptions about functional form. Using both simulated and real data, the authors illustrate that GeMM performs as well as or better than standard statistical approaches (including ordinary least squares, robust, and Bayesian regression) in terms of power and predictive accuracy when the functional relations are strictly linear but outperforms these approaches under conditions in which the functional relations are monotone but nonlinear. Finally, the authors recast their framework within the context of contemporary models of behavioral decision making, including the lens model and the take-the-best heuristic, and use GeMM to highlight several important issues within the judgment and decision-making literature. (Contains 6 footnotes, 4 tables, and 11 figures.)
American Psychological Association. Journals Department, 750 First Street NE, Washington, DC 20002-4242. Tel: 800-374-2721; Tel: 202-336-5510; Fax: 202-336-5502; e-mail: order@apa.org; Web site: http://www.apa.org/publications
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Higher Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Grant or Contract Numbers: N/A
Author Affiliations: N/A