There are three things we need to make wise and rational decisions with confidence: time, information and smarts. Unfortunately, as mere humans, we know that these resources are in short supply. Indeed, the vast range of choices we have to make daily and the overwhelming influx of information and stimuli can limit or confuse all … Read more
A bias is an unconscious, natural and immediate prejudice or tendency to a particular action. Bias-driven decisions may or may not be consistent with that which may result from a more deliberative or thoughtful process. Biases can be harmful: think of prejudices in employment, housing and education. They can be helpful as when we slam on … Read more
As the father of two teens who happens to be fascinated by decision making, I had a special interest in “The Terrible Teens“, in the August 31 New Yorker. It opens with vivid visual of (male, of course) adolescent mice drinking alcohol to oblivion. According to author Francis Jensen, teens’ frontal lobes aren’t yet that … Read more
HBR’s recent article, Leaders as Decision Architects, is a detailed investigation of how business managers can improve employee choices by adjusting the framework, context and process in which those decisions are made. The authors draw from two of my favorite books in behavioral economics, “Thinking Fast and Slow” and “Nudge”. There’s no doubt that in the right … Read more