Which models are characteristic nonrational models of decision making?

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which models are characteristic nonrational models of decision making?

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Nonrational models of decision making refer to models that do not rely solely on rationality or logical reasoning in the decision-making process. These models take into account various other factors such as emotions, intuition, and personal biases. There are several characteristic nonrational models of decision making, including the following:

  1. Satisficing Model: The satisficing model, proposed by Herbert Simon, suggests that individuals make decisions by searching for options that are “good enough” rather than trying to maximize the outcome. This model recognizes that decision makers have limited time, information, and cognitive capacity, so they aim to find satisfactory solutions that meet their minimum criteria.

  2. Intuition Model: The intuition model emphasizes the role of intuitive judgments and gut feelings in decision making. It suggests that decision makers rely on past experiences, tacit knowledge, and hunches to make quick decisions without conscious reasoning. These intuitive decisions are based on pattern recognition and can be influenced by emotions and personal values.

  3. Bounded Rationality Model: The bounded rationality model, also proposed by Herbert Simon, acknowledges that decision makers have cognitive limitations and cannot consider every possible alternative or outcome. Instead, they make decisions based on simplified mental models and heuristics, which are rules of thumb or shortcuts. These mental shortcuts may not always lead to optimal decisions, but they help individuals make reasonably satisfactory choices given their limited cognitive resources.

  4. Emotional Model: The emotional model of decision making recognizes the impact of emotions on the decision-making process. Emotions can influence perception, evaluation, and the final choice. This model suggests that decisions are influenced by how a person feels at the time of making a decision, and emotional states can lead to biases or irrational behaviors.

It’s important to note that these nonrational models do not imply that decision making is completely irrational or devoid of any logic. Rather, they highlight the fact that human decision makers often consider factors beyond pure rationality to arrive at their decisions. These models provide insights into the complexity of decision making and offer alternatives to the traditional rational decision-making models.