The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractualШУУД ҮЗЭХ and
In psychology, decision-making is regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities. Every decision-making process produces a final choice that may or may not prompt action. Decision-making is the study of identifying and choosing alternatives based on the values and preferences of the decision maker. Decision-making is one of the central activities of management and is a huge part of any process of implementation. Decision-making can also be regarded as a problem-solving activity terminated by a solution deemed to be satisfactory. It is, therefore, a reasoning or emotional process which can be rational or irrational and can be based on explicit assumptions or tacit assumptions. Rational choice theory encompasses the notion that people try to maximize benefits while minimizing costs.[2] Some have argued that most decisions are made unconsciously. Jim Nightingale states that "we simply decide without thinking much about the decision process."[3] In a controlled environment, such as a classroom, instructors might try to encourage students to weigh pros and cons before making a decision. This strategy is known as Franklin's rule. However, because such a rule requires time, cognitive resources and full access to relevant information about the decision, this rule may not best describe how people make decisions.[
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