Describe the adaptive decision maker model being sure to include factors influencing the strategies used to make choices
What will be an ideal response?
Answer: The assumption of the adaptive decision maker model is that people are adaptive in choosing strategies for decision making based on the trade-off of cognitive effort, ease of execution, time, and consequences. The strategies available to them form a "cognitive toolbox" that includes satisficing, elimination by aspects, heuristics, and expected utility calculations. Important decisions require the use of more cognitively demanding algorithms while less important decisions often use fast-and-frugal strategies. This model provides a more valid description of how people make decisions than the expected utility model alone.
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