Theoretical Models of Decision Making

Theoretical models of decision making are frameworks that help us understand how people make choices. These models often involve evaluating options based on available information, predicting outcomes, and weighing risks versus benefits. Some common models include the rational decision-making model, which assumes people make logical choices to maximize benefits, and the behavioral model, which considers emotional and social factors influencing decisions. By studying these models, we can better understand how individuals and groups arrive at decisions in various situations, from everyday choices to complex business strategies.