This paper analyzes the assumptions of the decision making models in the context of artificial general intelligence (AGI). It is argued that the traditional approaches, exemplified by decision theory and reinforcement learning, are inappropriate for AGI, because their fundamental assumptions on available knowledge and resource cannot be satisfied here. The decision making process in the AGI system NARS is introduced and compared with the traditional approaches. It is concluded that realistic decision-making models must acknowledge the insufficiency of knowledge and resources, and make assumptions accordingly. 1 Formalizing decision-making An AGI system needs to make decisions from time to time. To achieve its goals, the system must execute certain operations, which are chosen from all possible operations, according to the system’s beliefs on the relations between the operations and the goals, as well as their applicability to the current situation. On this topic, the dominating no...