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The Psychology of Decision Making 

Presented by Jay E. Russo, Cornell University
Feb 20, 2013 (SDP Webinar - Invited Talk)

There are two broad strategies to helping decision makers:
(a) build a model into which the decision makers insert their values and necessary estimates and which essentially makes the decision (at least in the sense of providing a computation-based recommendation) or  
(b) accept that the decision maker is going to make the decision and try to improve his/her actual (behavioral) process. The second approach, more like coaching a performing athlete, characterizes this presentation. It describes a good (behavioral) decision process as having four components: framing the decision, gathering intelligence, coming to conclusions, and (ideally) learning from experience (to improve the first three stages of the process). Emphasis is placed on framing, often the most important stage of the process. Several examples are offered of both successful and unsuccessful framing. The other three stages are covered more briefly, for instance by considering the natural tendency to seek confirming evidence in the stage of intelligence gathering. The overall goal is to highlight some of the actual challenges that decision makers face and to offer approaches to successfully dealing with them.

Click on the file below to hear a sample of the presentation.  

Click here for access to the full video.

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Keywords: project framing framestruc, cognitive biases cogbias, learning organization

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