Human Decision-Making

Definition

Human decision-making refers to the process of choosing between alternative actions or courses of behavior based on various factors such as personal preferences, values, information availability, and cognitive biases.

Related terms

Anchoring Bias:

The tendency to rely too heavily on initial pieces of information (anchors) when making decisions.

Sunk Cost Fallacy:

The inclination to continue investing in a course of action because you have already invested time, money, or effort into it.

Availability Heuristic:

Making judgments based on how easily examples come to mind rather than considering comprehensive data.