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7 months ago in Behavioral Economics , Cognitive Psychology By Aamir
Is there a single theory that explains how humans make decisions?
What’s the most general or widely accepted theory of decision-making?
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By Natasha Answered 2 months ago
There isn’t one grand theory that explains all decision-making. That said, Herbert Simon’s Bounded Rationality is often treated as the closest thing to a general framework. It recognizes that people make decisions with limited time, information, and cognitive capacity, so they usually “satisfice” instead of optimizing. Many modern ideas—like heuristics or dual-process thinking—fit comfortably within this view, which is why it’s so influential across disciplines.
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