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Dabble with Explorable Explanations of Decision Making
Want to interact with responsive visuals for a variety of decision making theories, but don't have time right now for detailed explanations? You can dabble with Signal Detection Theory, Cumulative Prospect Theory, Hyperbolic Temporal Discounting, and the Diffusion Decision Model on the following pages, so jump on in!
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An Explorable Explanation of Signal Detection Theory
How do we decide if a stimulus is present or absent?
Building on early work studying radar operators, SDT mathematically models our choices in terms of our detection sensitivity and response bias.
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An Explorable Explanation of Cumulative Prospect Theory
How do we decide between risky options?
CPT describes mathematical transformations of objective probabilities and values into decision weights and subjective values which we combine on a relative scale.
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An Explorable Explanation of Hyperbolic Temporal Discounting
How do we decide between less sooner or more later?
Hyperbolic discounting mathematically describes how our subjective perception of value changes over time.
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An Explorable Explanation of the Diffusion Decision Model
What determines the reaction time and accuracy of our perceptual decisions?
DDM proposes a mathematical explanation in terms of evidence accumulation.