In many social sciences, such as psychology and economics, there is an ongoing debate between whether a model should be based on Normative or Process analyses. A normative model is one which asks what ...

Choice theory provides a fundamental framework for understanding how individuals and groups make decisions, integrating elements of economics, psychology, and sociology. This interdisciplinary field ...

Decision theory is a cornerstone of economic analysis, providing a framework for understanding how individuals and institutions make choices under conditions of uncertainty and risk. At its core, the ...

“One of the basic axioms of the rational theory of decision under uncertainty is Savage’s (1954) sure-thing principle (STP). It states that if prospect x is preferred to y knowing that Event A ...