This paper examines rational and psychological decision-making models. Descriptive and normative methodologies such as attribution theory, schema theory, prospect theory, ambiguity model, game theory, and expected utility theory are discussed. The definition of culture is reviewed, and the relation- ship between culture and decision making is also highlighted as many organizations use a
... [Show full abstract] cultural-ethical decision-making model. The study of decision-making processes is not recent. It has been evolving with con- tributions from a number of disciplines for over some 300 years. Such contribu- tions have ranged from providing math- ematical foundations for economics to routine applications in many areas such as finance, medicine, military, and even cybernetics. As a result, decision theories have embodied several prevalent concepts and models, which exert significant influ- ence over almost all the biological, cogni- tive, and social sciences (Doyle & Tho - mason, 1999). New emerging theories of decision-making have been somewhat eclectic, as they demand a multidiscipli- nary approach to understand them. An example of this comes from Kay (2002) who affirmed that it is essential to com- prehend the nature and origins of human intuitions to understand the intricacies of decision making. Decision and behavior may be the