Summary of Why We Make Bad Decisions

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Why We Make Bad Decisions summary
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Rating

9 Overall

9 Applicability

8 Innovation

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Recommendation

Basic human errors in calculating the odds and value of success distort the decision-making process. Psychologist Dan Gilbert educates his audience in this humorous lecture that implicates human naïveté in poor decision making. getAbstract recommends this eye-opening oration to consumers, financial advisors and product strategists.

In this summary, you will learn

  • How the human decision-making process is fallible and
  • Why cognitive errors prevent you from making sound decisions.
 

About the Speaker

Psychologist Dan Gilbert studies the brain’s influence on happiness. He wrote Stumbling on Happiness.

 

Summary

In 1738, polymath Daniel Bernoulli formulated a seemingly simple equation: Expected value equals the odds of gaining multiplied by the value of the gain. This formula should aid decision making. However, ...

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