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.
18 topics found for
“decision-making under uncertainty”
OODA Loop
Observe, Orient, Decide, and Act (OODA) is a decision-making framework often used in strategic planning and rapid response situations.
Regressive Bias
A cognitive bias where individuals overestimate the likelihood of extreme events regressing to the mean.
Ambiguity Effect
A cognitive bias where decision-making is affected by the lack of information or uncertainty.
Fast and Frugal Heuristics
Decision-making strategies that use simple heuristics to make quick, efficient, and satisfactory choices with limited information.
Subadditivity Effect
A cognitive bias where the total probability assigned to a set of events is less than the sum of the probabilities assigned to each event individually.
Decision Paralysis
A state of overthinking and indecision that prevents making a choice, often due to too many options or uncertainty.
Expected Utility Theory
A theory in economics that models how rational individuals make decisions under risk by maximizing the expected utility of their choices.
Scenario Mapping
A method used to create detailed narratives of potential future events to explore and understand possible outcomes and inform decision-making.