The outcome of a careful assessment of various possibilities in terms of the likelihood and worth of outcomes connected with these options, human decision making is frequently examined. The normative theory based on these premises that is arguably the most popular is the subjective expected utility theory.
In order to better understand the cognitive processes that underpin human judgement and decision making, a significant amount of research focuses on systematic violations of these rationality rules. Heuristics are cognitive shortcuts that people employ while making decisions, according to research on them.
Following a quick description of the most crucial heuristics, information on more descriptive decision-making techniques is provided Prospect theory, image theory, rule following, and reason-based choice are a few examples.
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