On the Psychology of Playing Blackjack. Normative and Descriptive Considerations With Implications for Decision Theory
article
In this article, we investigated the decision processes of blackjack players in a natural setting. The main conclusion of the study is that the strategies and decisions of players take place at two different levels: one level, which may be termed rational, is in accordance with normative considerations insofar as normative criteria can be established. The other level contains intuitions, beliefs, and heuristics that are not always adequate and cannot be justified on rational grounds. We suggest that the decision processes of the observed players can best be described by Simon's (1957) concept of bounded rationality, but that the irrational or nonrational aspects are also bounded. The final discussion elaborates on some methodological and theoretical issues related to the present study, with particular emphasis on what constitutes appropriate normative considerations. ?? 1985 American Psychological Association.
TNO Identifier
229853
ISSN
00963445
Source
Journal of Experimental Psychology: General, 114(2), pp. 133-158.
Pages
133-158
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