UNDERSTANDING HOW PEOPLE DECIDE: DECISION-MAKING THEORIES AS MENTAL REPRESENTATIONS

This paper argues that instead of seeing the most influential theories in decisionmaking as competitive, one may contemplate the possibility that they are part of a wider theory of decision-making. This theory looks at how people decide based on how they structure a mental representation of a complex reality. Further, it gives a brief presentation of the mainstream theories in decision-making: expected utility theory, prospect theory, bounded rationality, parallel games, Rawls' theory of justice and multi-criteria decision-making. The conclusions suggest that research in the field should include the current theories of decision-making as possible mental representations, while also acknowledging some important epistemological problems in this field.