ELI5: Explain Like I'm 5

Expectancy theory

Do you know what expectancy means? It means that if you do something, there's a chance that you expect something in return. For example, if you clean your room, you expect to get a reward like a candy or a toy.

Now, there's a theory called Expectancy Theory which talks about how people make decisions based on what they expect to happen.

Imagine that you have a big test coming up, and you really want to get an A+. You know that if you study hard, you'll have a good chance of getting an A+. This is called expectancy - you expect that if you put in the effort, you'll get the desired outcome.

But, what if you don't think the effort is worth it? Let's say you have a lot going on and you don't have much time to study. This is called instrumentality - you don't believe that putting in the effort will actually lead to the desired outcome. So, you might not study as much or even at all.

Finally, there's something called valence. This is basically the importance or value you place on the outcome. Going back to our test example, getting an A+ might be really important to you because it could lead to a scholarship or impressing your parents or teacher.

So, Expectancy Theory is all about how people decide what actions to take based on their expectations of the outcome, how much value they place on that outcome, and whether they think the effort is worth it.