Simulation and Psychological Experiment of Multi-attribute Decision Strategies

Abstract

In this presentation, we will present a theoretical framework for describing multi-attribute decision making, explain computer simulations of typical decision strategies in multi-attribute decision making, and discuss which decision strategies can make better decisions with less cognitive effort and avoid worst-case decisions. Based on the simulation results, we will discuss which decision strategy requires less cognitive effort, can make better decisions, and can avoid worst-case decisions. Comparisons will also be made between psychological experiments and simulations to see how they differ.