Minerva-DM (DM = decision making) is a memory-based model of choice, probability judgment, and frequency judgment. Minerva-DM and its predecessor, Minerva 2, are similar to neural network models and can be used to simulate human behavior. Minerva-DM has been used to account for many of the common heuristics and biases discovered in the judgment and decision-making literature, including the availability and representativeness heuristics, base-rate neglect, mere-exposure effect, overconfidence effect, Bayesian conservatism, and frequency judgment.

Minerva-DM was developed on the premise that memory processes serve as input into the higher-order processes of probability and frequency judgment. Thus, errors and biases that arise as part of the memory encoding or retrieval process are assumed to cascade into errors and biases in judgment. A number of studies support ...

  • Loading...
locked icon

Sign in to access this content

Get a 30 day FREE TRIAL

  • Watch videos from a variety of sources bringing classroom topics to life
  • Read modern, diverse business cases
  • Explore hundreds of books and reference titles