Written by the Fiveable Content Team • Last updated September 2025
Verified for the 2026 exam
Verified for the 2026 exam•Written by the Fiveable Content Team • Last updated September 2025
Definition
Choice behavior refers to the decisions individuals make when faced with multiple options. It involves evaluating alternatives based on preferences, values, and goals before selecting one option.
The series of steps individuals go through when making decisions which may include identifying alternatives, gathering information, evaluating pros and cons, making a choice,and reflecting on its outcome.
Mental shortcuts or patterns of thinking that can influence decision-making in predictable ways. Examples include confirmation bias (favoring information supporting pre-existing beliefs) or availability heuristic (relying on immediate examples that come to mind).
Rational Choice Theory: A framework that assumes individuals make decisions by weighing the costs and benefits of different options in order to maximize their outcomes. It is often used in economics and psychology to understand decision-making.