Decision Theory
The study of how individuals make choices among alternatives and the principles that guide these choices.
The study of how individuals make choices among alternatives and the principles that guide these choices.
The change in opinions or behavior that occurs when individuals conform to the information provided by others.
A phenomenon where individuals' preferences between options change when the options are presented in different ways or contexts.
A decision-making strategy that involves choosing an option that meets the minimum requirements rather than seeking the optimal solution, balancing effort and outcome.
The theory that people adjust their behavior in response to the perceived level of risk, often taking more risks when they feel more protected.
The tendency for the first items presented in a sequence to be remembered better than those in the middle.
A cognitive bias where people tend to remember the first and last items in a series better than those in the middle, impacting recall and memory.
A tendency to avoid making decisions that might lead to regret, influencing risk-taking and decision-making behaviors.
The tendency to cling to one's beliefs even in the face of contradictory evidence.