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Choice-supportive bias or post-purchase rationalization is the tendency to retroactively ascribe positive attributes to an option one has selected and/or to demote the forgone options. [ 1] It is part of cognitive science, and is a distinct cognitive bias that occurs once a decision is made. For example, if a person chooses option A instead of ...
A choice function (also called selector or selection) is a function f, defined on a collection X of nonempty sets, such that for every set A in X, f ( A) is an element of A. With this concept, the axiom can be stated: Axiom — For any set X of nonempty sets, there exists a choice function f that is defined on X and maps each set of X to an ...
Overview. The basic premise of rational choice theory is that the decisions made by individual actors will collectively produce aggregate social behaviour. The theory also assumes that individuals have preferences out of available choice alternatives. These preferences are assumed to be complete and transitive.
Psychology. The IKEA effect is a cognitive bias in which consumers place a disproportionately high value on products they partially created. The name refers to Swedish manufacturer and furniture retailer IKEA, which sells many items of furniture that require assembly .
Effort justification. Effort justification is an idea and paradigm in social psychology stemming from Leon Festinger 's theory of cognitive dissonance. [ 1] Effort justification is a person's tendency to attribute the value of an outcome they put effort into achieving as greater than the objective value of the outcome.
Escalation of commitment. Escalation of commitment is a human behavior pattern in which an individual or group facing increasingly negative outcomes from a decision, action, or investment nevertheless continue the behavior instead of altering course. The actor maintains behaviors that are irrational, but align with previous decisions and actions.
The theory of consumer choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves.It analyzes how consumers maximize the desirability of their consumption (as measured by their preferences subject to limitations on their expenditures), by maximizing utility subject to a consumer budget constraint. [1]
A design rationale is an explicit documentation of the reasons behind decisions made when designing a system or artifact. As initially developed by W.R. Kunz and Horst Rittel, design rationale seeks to provide argumentation -based structure to the political, collaborative process of addressing wicked problems. [1]