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What Is Meant by the Statement That "Optimal Decisions Are

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Essay

What is meant by the statement that "optimal decisions are made at the margin"?


Definitions:

Encoding

The process by which information is transformed into a form that can be stored in memory.

Triarchic

Governed by three. Descriptive of Sternberg’s view that intellectual functioning has three aspects: analytical intelligence, creative intelligence, and practical intelligence.

Encoding

In psychology, the process of converting information into a form that can be stored in memory, initiating the process of creating a new memory.

Selective Attention

The cognitive process of focusing on a particular object or task, while ignoring irrelevant information.

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