Behavioral Economics
The study of psychology as it relates to the economic decision-making processes of individuals and institutions.
198 topics found for
“decision-making behavior”
Behavioral Strategy
The use of behavioral science insights to inform and guide strategic decision-making in organizations.
Take the Best Heuristic
A decision-making rule where individuals choose the option with the highest perceived value based on the first good reason that comes to mind, ignoring other information.
Groupthink
A psychological phenomenon where the desire for harmony and conformity in a group results in irrational or dysfunctional decision-making.
Satisficing
A decision-making strategy that involves choosing an option that meets the minimum requirements rather than seeking the optimal solution, balancing effort and outcome.
MINDSPACE
Messenger, Incentives, Norms, Defaults, Salience, Priming, Affect, Commitment, and Ego (MINDSPACE) is a framework used to understand and influence behavior.
Affect Heuristic
A mental shortcut where current emotions influence decisions, often bypassing logic and reasoning.
System One
A mode of thinking, derived from Dual Process Theory, that is fast, automatic, and intuitive, often relying on heuristics and immediate impressions.
Opportunity Cost Neglect
A cognitive bias where individuals overlook or underestimate the cost of opportunities they forego when making decisions.