Beyond Accuracy: How Models of Decision Making Compare to Human Decision Making

Abstract: Decision aids are becoming more popular and more accessible thanks to the internet and hand held computers. The question remains, however, if decision aids can be used beyond just aiding the human decision process. Can we use computers to make decisions without loosing out on some of the aspects of decision making that are important to us? The aspects that will be dealt with are; transparency, consistency, accuracy, improvement, adaptability, and speed. In this master thesis I will present what these aspects mean to decisions, and how different models of decision making compare to human decision making with regard to them. For instance; how transparent and accurate are humans in their decision making compared to linear models, designed to fit the available data? I will also give some examples of decision aids and how they handle the features that define a good decision.