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Relevant alternatives theory was primarily developed by Fred Dretske. It states that "knowing a true proposition one believes at a time requires being able to rule out relevant alternatives to that proposition at that time." [1] One way that Dretske attempts to motivate RAT is with examples, such as the following:
The theory can be applied to general settings outside of those identified by costs and benefits. In general, rational decision making entails choosing among all available alternatives the alternative that the individual most prefers. The "alternatives" can be a set of actions ("what to do?") or a set of objects ("what to choose/buy").
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 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.
Choice architecture is the design of different ways in which choices can be presented to decision makers, and the impact of that presentation on decision-making. For example, each of the following: the number of choices presented [1] the manner in which attributes are described [2] the presence of a "default" [3] [4] can influence consumer choice.
An example of a Condorcet cycle, where some candidate must cause a spoiler effect The first set of methods studied by economists are the majority-rule, or Condorcet , methods . These rules limit spoilers to situations where majority rule is self-contradictory, called Condorcet cycles , and as a result uniquely minimize the possibility of a ...
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.
BATNA was developed by negotiation researchers Roger Fisher and William Ury of the Harvard Program on Negotiation (PON), in their series of books on principled negotiation that started with Getting to YES (1981), equivalent to the game theory concept of a disagreement point from bargaining problems pioneered by Nobel Laureate John Forbes Nash decades earlier.