Probability Matching
A decision-making strategy where individuals allocate resources proportionally to the probability of an outcome occurring, rather than optimizing the most likely outcome.
186 topics found for
“decision analysis”
Ambiguity Effect
A cognitive bias where decision-making is affected by the lack of information or uncertainty.
Irrational Escalation
The phenomenon where people continue a failing course of action due to the amount of resources already invested.
Clustering Illusion
A cognitive bias where people see patterns in random data.
Rationalism
A philosophy that emphasizes reason and logic as the primary sources of knowledge and truth.
Escalation of Commitment
A cognitive bias where individuals or organizations continue to invest in a failing project or decision due to the amount of resources already committed.
Look Elsewhere Effect
A statistical phenomenon where a large number of hypotheses are tested, increasing the chance of a rare event being observed.
Behavioral Finance
The study of how psychological influences affect financial behaviors and decision-making.
Fist To Five
A consensus-building technique where participants show their level of agreement or support by raising zero to five fingers.