Prospect Theory: How We Tend To Make Our Decisions

There is this theory that describes how we tend to make our decisions: Prospect Theory! Kahneman and Tversky developed this in order to describe the way that people choose between “probabilistic alternatives that involve risk, where possibilities are known.” This means that people tend to make decisions based on the pros and cons rather than the final outcome, and that people weigh these pros and cons using heuristics. ("Prospect Theory." Wikipedia. Wikimedia Foundation, n.d. Web. 17 Oct. 2015.) Prospect theory relates to the three models of decision making as read in my textbook in that it all essentially talks about weighing some pros and cons of the decisions being made. The theory relates to the “Single-Feature Model” because with this …show more content…
A recent sort of important decision I had to make a few days ago was whether or not I should tell this girl if I do not want to continue being friends with her or not. My thought process went something like: 1. Make her mad by asking who’s this (I deleted her number because she makes me mad) 2. Tell her straight up that I do not like her. and 3. Ignore her for the rest of my life. One of the best decisions I have made in a while because I do not have time for fake people. I had the option to continue delving into her crap and I had the option to leave it be and ignore her. I went with the make her mad obviously. I used single-feature because I pretty much put no thought into my decision. I didn’t think of long term issues this might cause or how I could have been calmer or nicer about it. The three strategies more than likely would have yielded the same outcome because I know deep down I need to weed people out of my life that don’t need to be here. Single-feature is best suited to me and this decision because I am honestly not worried about it anymore! Lightly thinking on subjects is how I get through my