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Related Concept Videos

Decision Making01:20

Decision Making

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Decision-making is a fundamental cognitive process that involves evaluating alternatives and selecting among them. This process can range from simple choices, such as deciding what to wear, to complex decisions, like choosing a major in college or a career path. The complexity of the decision often dictates the approach we use, which can be broadly categorized into two types: automatic and controlled decision-making.
Automatic decision-making is fast, intuitive, and relies on gut feelings...
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Decision Making: Traditional Method01:14

Decision Making: Traditional Method

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The process of hypothesis testing based on the traditional method includes calculating the critical value, testing the value of the test statistic using the sample data, and interpreting these values.
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Decision Making: P-value Method01:09

Decision Making: P-value Method

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The process of hypothesis testing based on the P-value method includes calculating the P- value using the sample data and interpreting it.
First, a specific claim about the population parameter is proposed. The claim is based on the research question and is stated in a simple form. Further, an opposing statement to the claim  is also stated. These statements can act as null and alternative hypotheses:  a null hypothesis would be a neutral statement while the alternative hypothesis can...
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Frustration and Conflict: Avoidance-Avoidance, Double-Approach Avoidance01:14

Frustration and Conflict: Avoidance-Avoidance, Double-Approach Avoidance

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Avoidance-avoidance conflict refers to a psychological situation where a person must choose between two or more unpleasant alternatives. These conflicts are particularly stressful because neither option is desirable. This dilemma is often expressed in sayings like "caught between a rock and a hard place" or "between the devil and the deep blue sea." For instance, individuals who fear dental procedures may find themselves torn between enduring a painful toothache or facing the...
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Reason and Intuition01:37

Reason and Intuition

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The human brain processes information for decision-making using one of two routes: an intuitive system and a rational system (Epstein, 1994; popularized by Kahneman, 2011 as System 1 and System 2, respectively). The intuitive system is quick, impulsive, and operates with minimal effort, relying on emotions or habits to provide cues for what to do next, while the rational system is logical, analytical, deliberate, and methodical. Research in neuropsychology suggests that the...
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The Anchoring-and-Adjustment Heuristic01:25

The Anchoring-and-Adjustment Heuristic

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In order to make good decisions, we use our knowledge and our reasoning. Often, this knowledge and reasoning is sound and solid. However, sometimes, we are swayed by biases or by others manipulating a situation. For example, let’s say you and three friends wanted to rent a house and had a combined target budget of $1,600. The realtor shows you only very run-down houses for $1,600 and then shows you a very nice house for $2,000. Might you ask each person to pay more in rent to get the...
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Operant Protocols for Assessing the Cost-benefit Analysis During Reinforced Decision Making by Rodents
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Two-step adaptive management for choosing between two management actions.

Alana L Moore1,2, Leila Walker3, Michael C Runge4

  • 1School of Biosciences, The University of Melbourne, Parkville, Victoria, 3010, Australia.

Ecological Applications : a Publication of the Ecological Society of America
|February 1, 2017
PubMed
Summary
This summary is machine-generated.

Adaptive management strategies can be simplified. This study identifies critical budget thresholds for investing in learning about new environmental management actions, balancing costs and benefits.

Keywords:
Bayesian experimental designadaptive managementdecision analysisexpected value of perfect and sample informationmonitoring costsoptimal sample size

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Area of Science:

  • Ecology
  • Environmental Management
  • Decision Science

Background:

  • Adaptive management is crucial for effective environmental stewardship but often complex.
  • Managers need practical guidance on when and how much to trial new management actions.

Purpose of the Study:

  • To develop a simplified model for determining optimal investment in learning about management actions.
  • To identify critical thresholds for budget allocation between learning and implementation phases.

Main Methods:

  • A two-time-step scenario was constructed to model manager choices between two actions.
  • The model incorporates expected value of sample information, learning benefits, and costs.
  • Analysis focused on budget allocation thresholds based on sampling variance, total budget, and action performance differences.

Main Results:

  • Optimal learning investment is characterized by critical thresholds, not gradual increases.
  • Increased sampling variance initially favors more learning investment, up to a threshold.
  • Beyond critical thresholds for variance, budget, or performance difference, learning investment may cease.

Conclusions:

  • The model provides intuitive guidance for managers on learning investment in adaptive management.
  • Thresholds simplify decisions, especially for managers with short time horizons.
  • The framework is applicable to real-world conservation, like choosing diets for endangered species.