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Decision rule: Predict that the alternative with the higher cue value has the higher value on the outcome variable. The validity v of a cue is given by v = C/(C+W), where C is the number of correct inferences when a cue discriminates, and W is the number of wrong inferences, all estimated from samples.
Step 1: Select one attribute related to decision making; Step 2: Eliminate all alternatives that exclude this specific attribute; Step 3: Use another attribute in order to further eliminate alternatives; Step 4: Repeat step 3 until only one option is left, a decision has then been made
Courtesy bias, the tendency to give an opinion that is more socially correct than one's true opinion, so as to avoid offending anyone. [137] Groupthink, the psychological phenomenon that occurs within a group of people in which the desire for harmony or conformity in the group results in an irrational or dysfunctional decision-making outcome.
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.
Philosophers have sought to eliminate these contradictions by locating right and wrong in a single part of the decision-making process: for example, in the actions we take (e.g. Kant), in our character (e.g. Aristotle, virtue ethics) or in the consequences of our actions (e.g. Utilitarianism).
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 recognition heuristic, originally termed the recognition principle, has been used as a model in the psychology of judgment and decision making and as a heuristic in artificial intelligence. The goal is to make inferences about a criterion that is not directly accessible to the decision maker, based on recognition retrieved from memory.
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.