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The mythological Judgement of Paris required selecting from three incomparable alternatives (the goddesses shown).. Decision theory or the theory of rational choice is a branch of probability, economics, and analytic philosophy that uses the tools of expected utility and probability to model how individuals would behave rationally under uncertainty.
Independence of irrelevant alternatives (IIA) is an axiom of decision theory which codifies the intuition that a choice between and should not depend on the quality of a third, unrelated outcome . There are several different variations of this axiom, which are generally equivalent under mild conditions.
The name decision field theory was chosen to reflect the fact that the inspiration for this theory comes from an earlier approach – avoidance conflict model contained in Kurt Lewin's general psychological theory, which he called field theory. DFT is a member of a general class of sequential sampling models that are commonly used in a variety ...
However, Arrow's theorem is substantially broader, and can be applied to methods of social decision-making other than voting. It therefore generalizes Condorcet's voting paradox, and shows similar problems exist for every collective decision-making procedure based on relative comparisons. [1]
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.
To present a more realistic alternative to the economic rationality model, Herbert Simon proposed an alternative model. He felt that management decision-making behavior could be described as follows: In choosing between alternatives, the manager attempts to satisfy or looks for the one which is satisfactory or “good enough”.
Social choice theory is a branch of welfare economics that extends the theory of rational choice to collective decision-making. [1] Social choice studies the behavior of different mathematical procedures ( social welfare functions ) used to combine individual preferences into a coherent whole.
Emotional choice theory posits that individual-level decision-making is shaped in significant ways by the interplay between people’s norms, emotions, and identities. While norms and identities are important long-term factors in the decision process, emotions function as short-term, essential motivators for change.