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Behavioral Economics: Irrational Actions

Decision making

Decision making

This graph shows the three stages of rational decision making that was devised by Herbert Simon, a notable economist and scientist.

Source

    Boundless vets and curates high-quality, openly licensed content from around the Internet. This particular resource used the following sources:

    "Simons 3 stages in Decision Making."
    http://en.wikipedia.org/wiki/File:Simons_3_stages_in_Decision_Making.gif Wikipedia CC BY-SA.

Related Terms

  • behavioral economics
  • heuristic
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