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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.
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.
The decision field theory can also be seen as a dynamic and stochastic random walk theory of decision making, presented as a model positioned between lower-level neural activation patterns and more complex notions of decision making found in psychology and economics.
According to Alos-Ferrer and Strack the dual-process theory has relevance in economic decision-making through the multiple-selves model, in which one person's self-concept is composed of multiple selves depending on the context. An example of this is someone who as a student is hard working and intelligent, but as a sibling is caring and ...
The economist and cognitive psychologist Herbert A. Simon introduced the concept of heuristics in the 1950s, suggesting there were limitations to rational decision making. In the 1970s, psychologists Amos Tversky and Daniel Kahneman added to the field with their research on cognitive bias .
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. The theory of regret aversion or ...
Intuitive decision-making is based on implicit knowledge relayed to the conscious mind at the point of decision through affect or unconscious cognition. Some studies also suggest that intuitive decision-making relies more on the mind's parallel processing functions, while deliberative decision-making relies more on sequential processing.
The psychology of reasoning (also known as the cognitive science of reasoning [1]) is the study of how people reason, often broadly defined as the process of drawing conclusions to inform how people solve problems and make decisions. [2]