Behavioral Economics
The study of psychology as it relates to the economic decision-making processes of individuals and institutions.
30 topics found for
“decision-making factors”
Attribution Theory
A theory that explains how individuals determine the causes of behavior and events, including the distinction between internal and external attributions.
McNamara Fallacy
The error of making decisions based solely on quantitative observations and ignoring all other factors.
Groupshift
A phenomenon where group members make decisions that are more extreme than the initial inclination of its members due to group discussions and interactions.
Decision Theory
The study of how individuals make choices among alternatives and the principles that guide these choices.
Risk-as-Feelings Theory
A theory that emphasizes the role of emotions in risk perception and decision-making, where feelings about risk often diverge from cognitive assessments.
Moral Luck
A phenomenon where the success or failure of a design or business outcome is influenced by external factors beyond the control of the decision-makers, akin to serendipity.
Relativity
A principle often used in behavioral economics that suggests people evaluate options based on relative comparisons rather than absolute values.
Design Tradeoffs
The compromises made between different design options, balancing various factors like usability, aesthetics, and functionality.