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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.
However, they also present a number of liabilities to decision-making, such as requiring more time to make choices and by consequence rushing to a low-quality agreement in order to be timely. Some issues are also so simple that a group decision-making process leads to too many cooks in the kitchen: for such trivial issues, having a group make ...
Hyperbolic discounting leads to choices that are inconsistent over time—people make choices today that their future selves would prefer not to have made, despite using the same reasoning. [52] Also known as current moment bias or present bias, and related to Dynamic inconsistency. A good example of this is a study showed that when making food ...
Culture" is based on the characteristics and behavior among a particular group of individuals. [12] Corresponding to this, knowledge-based decision making tries to focus on functioning within an environment containing a variety of components, including respecting one another's decisions and listening to each other.
This mistake occurs when currently available information is incorporated when evaluating a past decision. To avoid the influence of outcome bias, one would evaluate a decision by ignoring information collected after the fact and focusing on what the right answer is, or was at the time the decision was made.
Choice-supportive memory distortion is thought to occur during the time of memory retrieval and was the result of the belief that, "I chose this option, therefore it must have been the better option." [5] Essentially, after a choice is made people tend to adjust their attitudes to be consistent with, the decision they have already made.
Another proposal is that people show confirmation bias because they are pragmatically assessing the costs of being wrong rather than investigating in a neutral, scientific way. Flawed decisions due to confirmation bias have been found in a wide range of political, organizational, financial and scientific contexts.
Note that aspiration-level adaptation is a process model of actual behavior rather than an as-if optimization model, and accordingly requires an analysis of how people actually make decisions. It allows for predicting surprising effects such as the "cheap twin paradox", where two similar cars have substantially different price tags in the same ...