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Decisional balance sheet. A decisional balance sheet or decision balance sheet is a tabular method for representing the pros and cons of different choices and for helping someone decide what to do in a certain circumstance. It is often used in working with ambivalence in people who are engaged in behaviours that are harmful to their health (for ...
BF611 .S38 2004. The Paradox of Choice – Why More Is Less is a book written by American psychologist Barry Schwartz and first published in 2004 by Harper Perennial. In the book, Schwartz argues that eliminating consumer choices can greatly reduce anxiety for shoppers. The book analyses the behavior of different types of people (in particular ...
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. It could be either rational or irrational. The decision-making process is a reasoning process based on assumptions of ...
Prospect theory. Daniel Kahneman, who won the 2002 Nobel Memorial Prize in Economics for his work developing prospect theory. Prospect theory is a theory of behavioral economics, judgment and decision making that was developed by Daniel Kahneman and Amos Tversky in 1979. [1] The theory was cited in the decision to award Kahneman the 2002 Nobel ...
Figuring out when to take Social Security is one of the most important financial decisions you'll ever make. Unfortunately, there's no one-size-fits-all advice for everyone. How can you decide ...
Recency bias. Recency bias is a cognitive bias that favors recent events over historic ones; a memory bias. Recency bias gives "greater importance to the most recent event", [1] such as the final lawyer's closing argument a jury hears before being dismissed to deliberate. Recency bias should not be confused with anchoring or confirmation bias.
Regret (decision theory) In decision theory, on making decisions under uncertainty —should information about the best course of action arrive after taking a fixed decision—the human emotional response of regret is often experienced, and can be measured as the value of difference between a made decision and the optimal decision.
Weighted sum model. In decision theory, the weighted sum model ( WSM ), [1] [2] also called weighted linear combination ( WLC) [3] or simple additive weighting ( SAW ), [4] is the best known and simplest multi-criteria decision analysis (MCDA) / multi-criteria decision making method for evaluating a number of alternatives in terms of a number ...