Factors Impacting Decision Making And Indecision

2659 Words11 Pages
Factors Impacting Decision Making and Indecision
Amy Hines
University of Minnesota

Abstract
This is a discussion on the dynamics of decision making and indecision and their impacts. It offers an overview in decision theory and its evolution through decision frameworks that have been analyzed and developed to accommodate the ever-changing individual and environment. This is a comprehensive look at the underlying influences on the decision making process. It reaches the span across different specialties from biological to personality. Within those areas it addresses a variety of psychological processes, positive and negatives, through to career focused decision theories and impacts on the individual. The important aspect
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The aspects that will be discussed in the following will assess the background of decision theory, frameworks of decision and action, factors that influence and difficulties when faced with the indecisiveness. Understanding the decision making frameworks, factors such as genetic makeup, personality, environmental and emotional impacts that influence our decisions will provide insight on counseling strategies, preventative or institutional development.
The process an individual goes through to make a decision is a complicated one. Deciphering the system one needs to look at where the theories started and how they evolved. The expected utility theory (EU theory) otherwise known as the Decision Theory that is essentially weighing the options and determine the maximum value (compensatory) under the assumption an individual is a rational being. The possibility of loss can be compensated by a potential large gain (Busemeyer 2015). It evolved to add inclusions for rank dependent utility (RDU) to compensate for the violation of the independence axiom or rule that originated in the EU theory. The independence axiom or contingency is best understood as the third option that is presented independent to the first two, but does not influence the order of preference that was established prior to the introduction of the third
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