HEIDi, the Human-Environment Interaction Dynamics initiative, is a cross-disciplinary forum for research on the function and development of the human mind. The group meets monthly.
October 7th, 2005, 12:00 to 1:00 pm
Dr. Claudia Gonzalez will present “The Stochastic Difference Model: Theory and Some Applications,” reflecting her research program on human decision making. Here is what she says about the presentation:
- What is the basic comparative process underlying preferential choices?
- How to understand many seemingly non-rational patterns of choices with a simple psychological model?
The talk will focus on these two main questions. I will give a short review of phenomena in the literature of preferential choice that contradicts basic principles of rationality. I will then introduce a working model of how individuals use information when making trade-offs that can account for that phenomena. The algorithm is very simple but descriptively powerful when dealing with binary choices. Extensions of the model to more complex situations will be discussed.