Life is a series of choices. Every time you make a decision, there is a possibility that things wonâ€™t go as expected (risk) or that something bad will happen (loss). Aversion to risk and loss have powerful influences on how we make decisions. In a new paper researchers studied the influence of risk and loss aversion in people with anxiety, a disorder characterized by debilitating avoidance behavior and difficulties making daily-life decisions.
Occam’s razorÂ (orÂ Ockham’s razor) is aÂ philosophicalÂ principleÂ designed to help determine the truth, or at least the most likely explanation. When there are multiple explanations or possibilities, the first line should be to go with the simplest choice. TheÂ more assumptionsÂ you have to make, theÂ more unlikelyÂ an explanation is. Occamâ€™s razor states that the simplest or most obvious explanation is … Read more
Learn how your emotions from one event can negatively figure into and affect other, non-related events.
Successful cooperation in groups is dependent on how people gather information about peers, and thus make cooperative decisions on that information. This decision making process can affect our social decision making.