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Common frameworks for evaluating proposals leave this utility function implicit, often evaluating aspects of risk, uncertainty, and potential value independently and qualitatively.
This article aims to show that there is an alternative way to explain human action with respect to the bottlenecks of the psychology of decision making. The empirical study of human behaviour from mid-20th century to date has mainly developed by looking at a normative model of decision making. In particular Subjective Expected Utility (SEU) decision making, which stems from the subjective expected utility theory of Savage (1954) that itself extended the analysis by Von Neumann and Morgenstern (1944). On this view, the cognitive psychology of decision making precisely reflects the conceptual st...