Tactical analysis is the systematic process of examining and interpreting actions and events in a specific context, often to identify patterns, predict future outcomes, or improve performance. It involves breaking down complex situations into smaller components to understand their individual and combined effects. Key Characteristics / Core Concepts Structured Approach: Uses a methodical framework to … Read more
Neuroeconomics is the study of how people make decisions, focusing on the intersection of neuroscience, economics, and psychology. It uses brain imaging and other neuroscience techniques to study decision-making processes, shedding light on how the brain processes rewards, risks, and uncertainties in economic choices. Key Characteristics / Core Concepts Combines insights from neuroscience, economics, and … Read more
Heuristics are simple, efficient rules, strategies, or guidelines used to make decisions or judgments quickly. They are mental shortcuts that help us navigate complex situations and solve problems without extensive analysis. Key Characteristics / Core Concepts Rule of Thumb: Heuristics are practical, experience-based rules, not always guaranteed to be optimal. Mental Shortcut: They simplify decision-making … Read more
Critical thinking is the objective analysis and evaluation of an issue in order to form a judgment. It involves examining information, considering different perspectives, and forming well-reasoned conclusions. Key Characteristics / Core Concepts Analysis: Breaking down complex information into smaller parts to understand the whole. Interpretation: Understanding the meaning and significance of information. Inference: Drawing … Read more
Behavioral economics studies how psychology affects economic decision-making. It examines how cognitive biases, emotions, and social factors influence choices, departing from the traditional assumption of perfectly rational actors. Key Characteristics / Core Concepts Cognitive biases: Systematic errors in thinking that affect decisions (e.g., confirmation bias, anchoring bias). Heuristics: Mental shortcuts used to simplify decision-making, often … Read more