Reason and unreason in decision making

Abstract

The current state of Decision Making Theories reflects the intersection of three major theoretical approaches: Expected Utility, Heuristics and Bias and Holistic Intuition. The relations between these approaches are not immediately evident nor even established in the literature, as some of these tendencies are quite new. My objective is to help to fill this gap by offering a general overview of the field, with particular attention to the epistemological conditions to which each new development responded and to the limitations of those responses. This overview will enable the reader to comprehend the conceptual foundations of intuitive decision making and to establish a critical position with respect to this emerging concept.