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3 Results for Tag: behaviour

Rational Behavior

Rational Behavior What is 'Rational Behavior' A rational behavior decision-making process is based on making choices that result in the most optimal level of benefit or utility for the ind

Satisficing

DefinitionSatisficing is a decision-making strategy or cognitive heuristic that entails searching through the available alternatives until an acceptability threshold is met. The term satisfi

Underinsurance

DefinitionCondition of average is the insurance term used when calculating a payout against a claim where the policy undervalues the sum insured. In the event of partial loss, the amount pai