Decision Behaviour- Improving Expert Judgement

Geir Kirkebøen
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Geir Kirkebøen: University of Oslo

Chapter 9 in Making Essential Choices with Scant Information, 2009, pp 169-194 from Palgrave Macmillan

Abstract: Abstract People’s judgements are not perfect. Even experts make mistakes. Interestingly, mistakes in judgement and decision-making are not random. Professionals deviate systematically from normative standards. Per definition, systematic biases result in reduced decision quality, and accordingly, may have serious consequences. However, the fact that judgement biases are systematic also gives hope. If the biases and their causes can be identified, it should be possible to correct them.

Keywords: Breast Cancer; Prospect Theory; Decision Quality; Hindsight Bias; Prediction Market (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-23683-7_9

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DOI: 10.1057/9780230236837_9

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