Evaluation of the priority heuristic as a descriptive model of risky decision making: comment on Brandstätter, Gigerenzer, and Hertwig (2006).

@article{Birnbaum2008EvaluationOT,
  title={Evaluation of the priority heuristic as a descriptive model of risky decision making: comment on Brandst{\"a}tter, Gigerenzer, and Hertwig (2006).},
  author={Michael H. Birnbaum},
  journal={Psychological review},
  year={2008},
  volume={115 1},
  pages={253-62}
}
E. Brandstätter, G. Gigerenzer, and R. Hertwig (2006) contended that their priority heuristic, a type of lexicographic semiorder model, is more accurate than cumulative prospect theory (CPT) or transfer of attention exchange (TAX) models in describing risky decisions. However, there are 4 problems with their argument. First, their heuristic is not… CONTINUE READING