 The first argument, that people are not deliberate maximizers, was a working hypothesis of Simon’s, who maintained that people tend to satisfice rather than maximize  (section 2.2).  Kahneman and Tversky gathered evidence for the reflection effect in estimating the value of options, which is the reason for reference points in prospect theory  (section 2.4)  and analogous properties within rank-dependent utility theory more generally (sections  1.2  and  2.4).  Gigerenzer’s and Hertwig’s groups at the Max Planck Institute for Human Development both study the algorithmic structure of simple heuristics and the adaptive psychological mechanisms which explain their adoption and effectiveness; both of their research programs start from the assumption that expected utility theory is not the right basis for a descriptive theory of judgment and decision-making (sections  3,  5.3, and  7.2).