rationality - Concepts

Explore concepts tagged with "rationality"

Total concepts: 4

Concepts

Expected Value - A probability-weighted average of all possible outcomes used to make rational decisions under uncertainty.
Fast and Frugal Heuristics - Simple decision rules that use minimal information yet often outperform complex analysis in uncertain environments.
Probabilistic Thinking - Thinking in terms of likelihoods rather than certainties to make better decisions.
Sunk Cost Effect - The tendency to continue an endeavor because of past investment, regardless of future value.