The Daily Decision-07-Normative Decision Making
The Daily Decision-07-Normative Decision Making
Hello Hello This is Dr. Z, Zachary Brooks, with The Daily Decision
because you want to make better decisions.
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Today is the seventh episode of The Daily Decision
In the last episode, we learned that theories help explain phenomenon and they can be tested.
We learned that decision making has three theories
- Normative
- Descriptive
- Prescriptive
Normative decision making assumes that a person is perfectly rational and a person who is able to measure with perfect accuracy any decision.
This assumes that a person has the time, money, energy, and mental faculties (think sleep) to make a perfect decision.
If you’re asking yourself why have such a theory if it’s impossible to make a perfect decision, it’s because by theorizing a perfect decision, we can begin to compare them to actual decisions.
As always, Happy Deciding.