Write short notes on determinants of decision-making.
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Rational, thoughtful decision making follows a seven-step process that you may be following now, at least sub-consciously:
Identify your goal. ...
Collect relevant information. ...
Identify the alternatives and consequences. ...
Review the evidence. ...
Make your economic decision. ...
Implement your decision. ...
Review your decision.
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There are several important factors that influence decision making. Significant factors include past experiences, a variety of cognitive biases, an escalation of commitment and sunk outcomes, individual differences, including age and socioeconomic status, and a belief in personal relevance.
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