 SummaryRichard M. Adler
Chapter Chapter 15 in Bending the Law of Unintended Consequences, 2020, pp 253-259 from Springer Abstract: Abstract In Greek mythology, the hero Odysseus had to sail through a narrow—and—lethal strait on his journey home from the Trojan War. The strait was guarded on one side by Scylla, a terrifying six-headed sea monster, and on the other side by Charybdis, an enormous and lethal whirlpool. Businesses face similarly unavoidable menaces of cognitive biases and bounded rationality when navigating critical decisions. Ignoring either one of these perils, or both, invites calamity. The fundamental question addressed by this book is how to improve critical decisions in the face of the Law of Unintended Consequences (LUC). This chapter distills the prescription offered in Part II of the book into a four-step methodology: (1) Institute a formal process for making and executing critical decisions. (2) Understand how LUC compromises critical decisions at different phases of this process. (3) Anticipate and compensate for cognitive biases. (4) Test drive critical decisions to push back against the bounds of rationality. Keywords: Unintended consequences; Decision test drive; Bounded rationality; Cognitive biases (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-32714-9_15 Ordering information: This item can be ordered from DOI: 10.1007/978-3-030-32714-9_15 Access Statistics for this chapter More chapters in Springer Books from Springer |
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