Applications of psychology of decision-making

This work summarizes the basics of the heuristics and biases approach. It is a psychological approach to the study of decision-making and judgment stemming from works of Daniel Kahneman and Amos Tversky. Not only did it contribute to understanding of numerous cognitive processes, which people use for deciding and making judgments, but it has many applications in various fields including economics as well. There are mentioned examples of application besides theory in this work. In particular, the covered fields are negotiation, investment decision making and marketing. Critics of depicted approach and its implications are briefly described at the end of the work