Theories about decision-making

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Here are academic theories about how we try to make decisions.

Motivation to decide

• Cognitive Dissonance: we try to reduce the discomfort of dissonance.
• Consistency Theory: we seek the comfort of internal alignment.
• Commitment: we feel obliged to complete a public commitment.
• Certainty Effect: a certainty that becomes less likely has high impact.
• Choice-supportive bias: Distorting memories to make decisions seem good.
• Confirmation Bias: we seek confirmation that we made a good decision.
• Scarcity Principle: we anticipate regret and so want what is scarce. 
• Sunk-Cost Effect: we are reluctant to pull out of an investment.

Thinking process

• Ambiguity Effect: We prefer a known probability to an unknown one.
• Bias Blind Spot: We do not compensate enough for our own bias.
• Elaboration Likelihood Model: We either think centrally or take unthinking short-cut decisions.
• Heuristic-Systematic Persuasion Model: We either use short-cuts or logic to interpret arguments.
• Hyperbolic discounting: We prefer short-term benefits.
• Information Bias: Seeking facts when making decision, even when they are irrelevant.
• Information Processing Theory: Persuasion requires attention and comparison with previous views.
• Source Credibility: Who we are likely to believe.

Deciding

• Augmenting Principle: evidence for a decision is accumulative.
• Bounded Rationality: we only use limited logic in decisions.
• Explanatory Coherence: we like simple, explainable hypotheses.
• Filter Theory: we make choices through a series of selection filters.
• Multi-Attribute Choice: we use various strategies for different types of choice.
• Mere Exposure Theory: simple exposure makes us like things more.
• Perceptual Contrast Effect: we decide by comparing things.
• Priming: Setting up memory to be used later.
• Involvement: when we are involved we need more information.

See also

Theories about how we handle discomfort

Theories about decision errors

Decisions