Summary of Why We Make Bad Decisions

Looking for the video?
We have the summary! Get the key insights in just 5 minutes.

Why We Make Bad Decisions summary
Start getting smarter:
or see our plans

Rating

9 Overall

9 Applicability

8 Innovation

9 Style


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, ...

More on this topic

By the same author

The Psychology of Your Future Self
The Psychology of Your Future Self
8
The Surprising Science of Happiness
The Surprising Science of Happiness
9

Customers who read this summary also read

The Power of Fifty Bits
The Power of Fifty Bits
8
A Field Guide to Lies
A Field Guide to Lies
8
Machine Intelligence Makes Human Morals More Important
Machine Intelligence Makes Human Morals More Important
8
Warren Buffett and the Interpretation of Financial Statements
Warren Buffett and the Interpretation of Financial Statements
8
Careful
Careful
8
The Happiness Track
The Happiness Track
7

Related Channels

Comment on this summary