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A Hobson's choice is a free choice in which only one thing is actually offered. The term is often used to describe an illusion that choices are available. The best known Hobson's choice is "I'll give you a choice: take it or leave it", wherein "leaving it" is strongly undesirable.
A false dilemma is an informal fallacy based on a premise that erroneously limits what options are available. [1] [2] [3] In its most simple form, called the fallacy of bifurcation, all but two alternatives are excluded.
With tongue-in-cheek, American speculative fiction writer Neal Stephenson places the invention of BATNA in 17th century by putting the following words in his novel The Confusion: "“I learnt it from English traders in Surat,” said the befuddled Surendranath, “It stands for Best Alternative To a Negotiated Agreement.”" Another character ...
The objective of a choice is generally to pick the best option. Thus, after making a choice, a person is likely to maintain the belief that the chosen option was better than the options rejected. Every choice has an upside and a downside. The process of making a decision mostly relies upon previous experiences.
Array the options. Kahneman and Tversky found that personal "psychological accounts" will produce the effect of framing the choice and determining what options are considered as subjects to factor. For example, an evening at a concert could be just one entry in a much larger account, of say a "meeting a potential mate" account.
An option has a fixed lifetime and expiration date, and then the value of the option is settled among the option’s buyer and seller, and then the option ceases to exist. The option will expire ...
Some options strategies can allow you to buy stock at better prices. For example, a strategy such as writing puts allows you to collect a premium for the potential to buy a stock at a lower price.
One option cannot stand out as being better from the rest. The presence of a superior option and many less desirable options will result in a more satisfied decision. [ 6 ] Third, there is a negative correlation between choice assortment (quantity) and satisfaction only in people less familiar with the choice set.