![]() Cognitive biases are thinking patterns based on observations and generalizations that may lead to memory errors, inaccurate judgments, and faulty logic (Evans, Barston, & Pollard, 1983 West, Toplak, & Stanovich, 2008). In addition to past experiences, there are several cognitive biases that influence decision making. In financial decision making, highly successful people do not make investment decisions based on past sunk outcomes, rather by examining choices with no regard for past experiences this approach conflicts with what one may expect (Juliusson et al., 2005). This is significant to the extent that future decisions made based on past experiences are not necessarily the best decisions. On the other hand, people tend to avoid repeating past mistakes (Sagi, & Friedland, 2007). ![]() It stands to reason that when something positive results from a decision, people are more likely to decide in a similar way, given a similar situation. Juliusson, Karlsson, and Garling (2005) indicated past decisions influence the decisions people make in the future. Past experiences can impact future decision making. These things all impact the decision making process and the decisions made. Significant factors include past experiences, a variety of cognitive biases, an escalation of commitment and sunk outcomes, individual differences, including age and socioeconomic status, and a belief in personal relevance. There are several important factors that influence decision making. Finally, summary comments will be offered, with implications for future research and practical application of teaching decision making skills in teens. Further, the paper will explore what happens after the decision is made, as well as how present decisions impact future behavior and decision making. The present paper will address decision making, in the context of types of decisions people make, factors that influence decision making, several heuristics commonly researched and utilized in the process of decision making. Some choices are simple and seem straight forward, while others are complex and require a multi-step approach to making the decisions. Quite often, the decision making process is fairly specific to the decision being made. They make political decisions personal decisions, including medical choices, romantic decisions, and career decisions and financial decisions, which may also include some of the other kinds of decisions and judgments. There is some indication that this can be taught, which benefits those learning how to make appropriate and the best decisions in various situations (Nokes &Hacker, 2007). Together, heuristics and factors influencing decision making are a significant aspect of critical thinking (West, Toplak, & Stanovich, 2008). Many types of heuristics have been developed to explain the decision making process essentially, individuals work to reduce the effort they need to expend in making decisions and heuristics offer individuals a general guide to follow, thereby reducing the effort they must disburse. Heuristics serve as a framework in which satisfactory decisions are made quickly and with ease (Shah & Oppenheimer, 2008).
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