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This special case is how expected value of perfect information and expected value of sample information are calculated where risk neutrality is implicitly assumed. For cases where the decision-maker is risk averse or risk seeking , this simple calculation does not necessarily yield the correct result, and iterative calculation is the only way ...
Short term memory holds information for slightly longer periods of time, but still has a limited capacity. According to Linden, [8] "The capacity of STM had initially been estimated at "seven plus or minus two" items, [9] which fits the observation from neuropsychological testing that the average digit span of healthy adults is about seven. [10]
Moral intelligence is the capacity to understand right from wrong and to behave based on the value that is believed to be right. [38] It is considered a distinct form of intelligence, independent to both emotional and cognitive intelligence. [39]
The time value of money is the idea that receiving a given amount of money today is more valuable than receiving the same amount in the future due to its potential earning capacity.
Effective capacity is the maximum amount of work that an organization or individual is capable of completing in a given period due to constraints such as quality problems, delays, material handling, etc. The phrase is also used in business computing and information technology as a synonym for capacity management. IT capacity planning involves ...
In social science, agency is the capacity of individuals to have the power and resources to fulfill their potential. Social structure consists of those factors of influence (such as social class, religion, gender, ethnicity, ability, customs, etc.) that determine or limit agents and their decisions. [1]
A 2011 Science article estimates that 97% of technologically stored information was already in digital bits in 2007 and that the year 2002 was the beginning of the digital age for information storage (with digital storage capacity bypassing analogue for the first time).
An alternative position on rationality (which includes both bounded rationality, [81] as well as the affective and value-based arguments of Weber) can be found in the critique of Etzioni (1988), [82] who reframes thought on decision-making to argue for a reversal of the position put forward by Weber. Etzioni illustrates how purposive ...