Decision Theory
The study of how individuals make choices among alternatives and the principles that guide these choices.
29 topics found for
“optimal choice”
Smart Defaults
Pre-set options in a system that are designed to benefit users by simplifying decisions and guiding them towards the best choices.
Design Tradeoffs
The compromises made between different design options, balancing various factors like usability, aesthetics, and functionality.
Goldilocks Effect
The psychological phenomenon where people prefer options that are not too extreme, but just right.
Decoy Pricing
A strategy where an additional, less attractive option is introduced to make other pricing options look more appealing, often steering customers towards a particular choice.
Mid-Tier Value
A pricing strategy that offers a middle option with substantial value at a moderate price, often perceived as the best deal by users.
Decoy Effect
A cognitive bias where consumers change their preference between two options when presented with a third, less attractive option.
Hick’s Law
A principle that states the time it takes to make a decision increases with the number and complexity of choices available.
Overchoice
The phenomenon where having too many options leads to decision-making paralysis and decreased satisfaction.