ISSN 1671-3710
CN 11-4766/R

›› 2010, Vol. 18 ›› Issue (6): 865-870.

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Remembered Utility in Decision Making

ZHANG Zi-Chun;FAN Chun-Lei;WANG Xiao-Jia   

  1. (1 Social and Economic Behavior Research Center, Institute of Psychology, Chinese Academy of Science, Beijing 100101, China)
    (2 Graduate School of Chinese Academy of Sciences, Beijing 100049, China)
  • Received:2009-12-12 Revised:1900-01-01 Online:2010-06-15 Published:2010-06-15
  • Contact: FAN Chun-Lei

Abstract: Remembered utility is the extent of pleasure or contentment to which people have when a global evaluation based on the information retrieved from memory is made of a past episode, or a collection of episodes. Previous studies about remembered utility revealed that people often failed to maximize their utility when they were asked to provide a global evaluation of past episodes. Main findings of existing studies proposed three rules: peak-end rule, duration neglect and violations of monotonicity. Although these rules can be explained from the perspective of judgment by prototype, further investigations are needed to understand whether there is any other internal mechanism of remembered utility.

Key words: remembered utility, peak-end rule, duration neglect, violations of monotonicity, judgment by prototype