Exploring the History of Decision-Making

Abstract

This article delves into the intricate realm of human decision-making, examining how individuals navigate the spectrum of choices in their lives. Aristotle's insights are used to analyze the different forms of decision-making, from actions rooted in ignorance to those driven by moral force. The article also addresses the interplay between probability and decision-making, delving into concepts like risk aversion and expected utility. The work of researchers like Daniel Kahneman and Gerd Gigerenzer is examined, showcasing the psychological intricacies involved in decision-making, such as the influence of emotions and cognitive biases, and the concept of antifragility by Nassim Taleb (Kahneman, 2011; Gigerenzer, 2008; Taleb, 2012). The article concludes by discussing the concept of tacit knowledge and its role in decision-making, along with acknowledging the enduring relevance of historical thinkers' insights in shaping our understanding of choice and uncertainty.