Decisions, Results, and Consequences: Learning

Josep Maria Rosanas
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Josep Maria Rosanas: Organizations and Humanities IESE Business School

Chapter 3 in Decision-Making in an Organizational Context, 2013, pp 43-56 from Palgrave Macmillan

Abstract: Abstract We now go back to what we said in the introduction regarding the distinction between “right” decisions and “successful” decisions.We established that when you try to make a decision such as the ones we have analyzed, it is essentially because you want to achieve a certain result, such as solve a problem or seize an opportunity. In the simplest cases (decisions with a single, uncertain variable) this is obvious: people do not buy lottery tickets for the pleasure of playing the lottery, but because they hope to win a prize. The “right” decision, therefore, would seem to be the one that leads to the desired outcome. As we shall see, however, this cannot be right.

Keywords: Experiential Knowledge; Uncertain Variable; Lottery Ticket; Personal Decision; Unintended Result (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-32415-3_4

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DOI: 10.1057/9781137324153_4

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