Common Models of Individual Decision-Making in Economics
Decision-making models in economics are simplified descriptions of how decisions are made. Understanding these models is useful for designing decision governance.
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Decision-making models in economics are simplified descriptions of how decisions are made. Understanding these models is useful for designing decision governance.
An explanation of a decision will provide reasons for why the chosen option was chosen over others. In this text, simple and intuitive models are presented for how to organize information into an explanation of a decision. The models are interesting only as a starting point, before we go into more elaborate ones and in…