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  2. Decision-making - Wikipedia

    en.wikipedia.org/wiki/Decision-making

    Sample flowchart representing a decision process when confronted with a lamp that fails to light. In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options.

  3. Decision-making models - Wikipedia

    en.wikipedia.org/wiki/Decision-making_models

    Decision-making as a term is a scientific process when that decision will affect a policy affecting an entity. Decision-making models are used as a method and process to fulfill the following objectives: Every team member is clear about how a decision will be made; The roles and responsibilities for the decision making

  4. Ellsberg paradox - Wikipedia

    en.wikipedia.org/wiki/Ellsberg_paradox

    A decision-maker will overwhelmingly favor a choice with a transparent likelihood of risk, even in instances where the unknown alternative will likely produce greater utility. When offered choices with varying risk, people prefer choices with calculable risk, even when those choices have less utility. [3]

  5. Intuition and decision-making - Wikipedia

    en.wikipedia.org/wiki/Intuition_and_decision-making

    Intuition in the context of decision-making is defined as a "non-sequential information-processing mode." [1] It is distinct from insight (a much more protracted process) and can be contrasted with the deliberative style of decision-making.

  6. Bounded rationality - Wikipedia

    en.wikipedia.org/wiki/Bounded_rationality

    As decision-makers have to make decisions about how and when to decide, Ariel Rubinstein proposed to model bounded rationality by explicitly specifying decision-making procedures as decision-makers with the same information are also not able to analyse the situation equally thus reach the same rational decision. [16]

  7. Behavioral game theory - Wikipedia

    en.wikipedia.org/wiki/Behavioral_game_theory

    In the real world many decisions are made by teams, yet traditional game theory uses an individual as a decision maker. Milton Friedman argues that usually people ignore individual behavior and focus more on group behavior, so group behavior is often perceived as more rational. This created a need to model group decision-making behavior.

  8. Garbage can model - Wikipedia

    en.wikipedia.org/wiki/Garbage_Can_Model

    Decision-making processes were found to be very sensitive to variations in energy and time. [1] Decision makers and problems were also found to seek each other out, and continue to find each other. [1] Three key aspects of the efficiency of the decision process are problem activity, problem latency, and decision time. [1]

  9. Choice architecture - Wikipedia

    en.wikipedia.org/wiki/Choice_architecture

    Choice architecture is the design of different ways in which choices can be presented to decision makers, and the impact of that presentation on decision-making. For example, each of the following: the number of choices presented [1] the manner in which attributes are described [2] the presence of a "default" [3] [4] can influence consumer choice.