Understanding the decision-making from a cognitive and metacognitive perspective: A theoretical framework

Abstract

Human decision-making depends on a complex system and several factors (interests, environment, motivation, emotions, etc.). This research examines human decision-making from a perspective outside the financial determinants that interfere with the decision. In fact, several factors are involved in decision making, both internal and external. In order to show the impact of these factors, using the documentary research method, we distinguish between cognitive and metacognitive factors. The findings of the literature review highlight the existence of certain cognitive factors, such as heuristics that are described as shortcuts, which can bias information and lead to errors of judgement. Apart from the mental processes which handle and analyse information in order to make a decision, we also notice that external factors are taken into account which are outside the scope of cognition, such as culture as a meta-cognitive factor.