Editing Decision Making (section)

== <span style="color: #FFFFFF;">Remembering</span> ==
* '''Rationality''' — The quality of being based on or in accordance with reason or logic; often divided into instrumental and epistemic.
* '''Utility''' — A measure of the total satisfaction or value received from consuming a good or service.
* '''Heuristic''' — A mental shortcut or "rule of thumb" used to solve problems or make decisions quickly.
* '''Cognitive Bias''' — A systematic pattern of deviation from norm or rationality in judgment.
* '''Bounded Rationality''' — Herbert Simon's idea that rationality is limited by available information, time, and the mind's processing power.
* '''Prospect Theory''' — Kahneman and Tversky's theory describing how people choose between probabilistic alternatives that involve risk.
* '''Loss Aversion''' — The tendency to prefer avoiding losses to acquiring equivalent gains (the "pain" of losing $100 is greater than the "joy" of winning $100).
* '''Anchoring''' — The tendency to rely too heavily on the first piece of information offered (the "anchor") when making decisions.
* '''Availability Heuristic''' — Judging the frequency or probability of an event based on how easily examples come to mind.
* '''Confirmation Bias''' — The tendency to search for, interpret, and recall information in a way that confirms one's prior beliefs.
* '''Sunk Cost Fallacy''' — Continuing an endeavor as a result of previously invested resources (time, money, effort) even when it's no longer optimal.
* '''Framing Effect''' — People react to a particular choice in different ways depending on how it is presented (e.g., as a loss or as a gain).
* '''Expected Value''' — The sum of all possible values for a random variable, each multiplied by the probability of its occurrence.
* '''System 1 vs. System 2''' — Dual-process theory: System 1 is fast/intuitive; System 2 is slow/deliberative.
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