Organismic Valuing Process: A Review of Conceptual and Empirical Findings
Abstract
The organismic valuing process (OVP) is a holistic approach to understanding how people make decisions and value experiences. This article reviews the concept of OVP and its empirical findings, as well as its implications for research and practice. The OVP conceptualizes people as holistic organisms rather than rational decision makers, and values experiences based on the sum of their various components. Empirical findings suggest that the OVP can be used to explain decision-making behavior and to predict how people will value experiences. Implications of the OVP for research and practice are discussed, including the need for further research into how the OVP can be applied in different contexts.
Keywords: organismic valuing process, decision-making, holistic approach
Introduction
In recent years, the study of decision-making has been a focus of research in psychology, economics, and other fields. The traditional approach to understanding decision-making has been to view people as rational decision makers who weigh the costs and benefits of different options and make a choice based on this analysis. However, this approach has been found to be inadequate in explaining how people actually make decisions in practice (Kahneman, 2003).
The organismic valuing process (OVP) is an alternative approach to understanding decision-making. Developed by Kahneman and Tversky (1984), the OVP conceptualizes people as holistic organisms who value experiences based on the sum of their various components. This article reviews the concept of OVP and its empirical findings, as well as its implications for research and practice.
Conceptual Overview
The OVP conceptualizes people as holistic organisms rather than rational decision makers (Kahneman & Tversky, 1984). This approach to decision-making recognizes that people’s values are based on a combination of factors, such as their beliefs, desires, and emotions. According to the OVP, people make decisions by considering the total value of an experience, rather than by analyzing the individual components. This means that people’s decisions are based on the overall evaluation of the experience, rather than on a rational analysis of the costs and benefits.
Empirical Findings
The OVP has been tested empirically in a variety of contexts. Studies have found that the OVP can be used to explain decision-making behavior (Kahneman & Tversky, 1984; Lopes, 1987). For example, one study found that people’s choices were influenced more by the overall evaluation of an experience than by a rational analysis of its components (Kahneman & Tversky, 1984). Another study found that people’s choices were influenced by both their beliefs and their emotions (Lopes, 1987). These findings suggest that the OVP can be used to explain decision-making behavior and to predict how people will value experiences.
Implications for Research and Practice
The OVP has a number of implications for research and practice. First, it suggests that people’s decisions are not always based on rational analysis, but are often based on a combination of factors, such as beliefs, desires, and emotions. This has important implications for how decisions are made and how they should be evaluated. Second, the OVP suggests that people’s decisions are based on the overall evaluation of an experience, rather than on a rational analysis of its components. This has important implications for how decisions should be made in practice.
Conclusion
The OVP is an alternative approach to understanding decision-making that conceptualizes people as holistic organisms, rather than rational decision makers. Empirical findings suggest that the OVP can be used to explain decision-making behavior and to predict how people will value experiences. Implications of the OVP for research and practice are discussed, including the need for further research into how the OVP can be applied in different contexts.
References
Kahneman, D. (2003). Maps of bounded rationality: A perspective on intuitive judgment and choice. Psychological Review, 110(4), 797–822. https://doi.org/10.1037/0033-295X.110.4.797
Kahneman, D., & Tversky, A. (1984). Choices, values, and frames. American Psychologist, 39(4), 341–350. https://doi.org/10.1037/0003-066X.39.4.341
Lopes, L. L. (1987). Between hope and fear: The psychology of risk. Advances in Experimental Social Psychology, 20, 255–295. https://doi.org/10.1016/S0065-2601(08)60339-0