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  • 24 - Intelligence and Decision-Making

  • from Part V - Intelligence and Information Processing
  • Edited by Robert J. Sternberg, Cornell University, New York
  • Book:
    The Cambridge Handbook of Intelligence
    Published online:
    13 December 2019
    Print publication:
    16 January 2020, pp 580-601

  • Summary

    There are two ways to study how people make decisions. Decision-making under risk deals with well-defined situations where all possible outcomes and their probabilities are known for certain. Examples are playing roulette or buying a lottery ticket. Decision-making under uncertainty, by contrast, deals with ill-defined situations where this certainty is not attainable for humans or machines, such as how to invest your money, or whom to marry. Risk can be tamed by logic probability theory; uncertainty needs more smart heuristics. Many situations require both competencies. In this chapter, I introduce the tools for both forms of decision-making, the debates associated with the nature of rationality, and the link between decision-making and intelligence.