What role does prospect theory play in understanding decision-making under risk and uncertainty?
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What role does prospect theory play in understanding decision-making under risk and uncertainty?
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- How do cultural and social factors influence decision-making patterns, and what are some examples of cultural and social biases that can affect decision-making?How do cognitive biases and heuristics influence decision-making patterns, and what strategies can individuals employ to mitigate their effects?What are the limitations and criticisms of decision theory as a framework for decision- making? Are there alternative theories or approaches that address these limitations?
