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The distinction between satisficing and maximizing not only differs in the decision-making process, but also in the post-decision evaluation. Maximizers tend to use a more exhaustive approach to their decision-making process: they seek and evaluate more options than satisficers do to achieve greater satisfaction.
On report cards, these are mostly shown as letters rather than numbers. The grading scale with labels: [1] 10 (Outstanding) 9 (Very good) 8 (Good) 7 (More than satisfactory) 6 (Satisfactory) 5 (Almost satisfactory) 4 (Unsatisfactory) 3 (Very unsatisfactory) 2 (Poor) 1 (Very poor) The lowest pass mark is decided upon by the educational institute.
Paradox of toil: If everyone tries to work during times of recession, lower wages will reduce prices, leading to more deflationary expectations, leading to further thrift, reducing demand and thereby reducing employment. Paradox of value, also known as diamond-water paradox: Water is more useful than diamonds, yet is a lot cheaper.
The rule of three is a writing principle which suggests that a trio of entities such as events or characters is more humorous, satisfying, or effective than other numbers. The audience of this form of text is also thereby more likely to remember the information conveyed because having three entities combines both brevity and rhythm with having ...
Bounded rationality is the idea that rationality is limited when individuals make decisions, and under these limitations, rational individuals will select a decision that is satisfactory rather than optimal.
One example is which option is more attractive between option A ($1,500 with a probability of 33%, $1,400 with a probability of 66%, and $0 with a probability of 1%) and option B (a guaranteed $920). Prospect theory and loss aversion suggests that most people would choose option B as they prefer the guaranteed $920 since there is a probability ...
Whenever a car that is under budget is compared with one that is over budget by more than $1,000, the former is extremely preferred. For cars under budget, a $1,000 less expensive car is slightly preferred, a $5,000 one is strongly preferred, and a $6,000 one is even more strongly preferred.
For example, the formula "a AND NOT b" is satisfiable because one can find the values a = TRUE and b = FALSE, which make (a AND NOT b) = TRUE. In contrast, "a AND NOT a" is unsatisfiable. SAT is the first problem that was proven to be NP-complete—this is the Cook–Levin theorem.