Uma Karmarkar

2020 Hellman Fellow

Assistant Professor, Rady School
UC San Diego

Project title: Attention and Value Estimation in Multi-option Decision Making

Project description: Many studies in judgment and decision-making focus on considerations of isolated items or trade-offs between a few alternatives (e.g. Tversky and Kahneman, 2000.) However, we encounter displays of several options in situations as diverse as browsing the case at a bakery, choosing a car from a dealer’s lot, and even selecting investment opportunities and retirement plans with financial providers. These displays are often carefully curated to facilitate, but also influence, our appraisal of the options and our eventual choices. Thus developing an understanding of how we perceive and evaluate sets of multiple options is an important topic not only for the science of decision-making, but for improving consumer welfare and helping to determine best practices in business and policy applications (see also Johnson et al. 2012, Benartzi et al., 2017).