How Can Decision Making Be Improved?

Katherine Milkman, Dolly Chugh () and Max H. Bazerman ()
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Dolly Chugh: New York University, Stern School of Business
Max H. Bazerman: Harvard Business School, Negotiation, Organizations & Markets Unit

No 08-102, Harvard Business School Working Papers from Harvard Business School

Abstract: The optimal moment to address the question of how to improve human decision making has arrived. Thanks to fifty years of research by judgment and decision making scholars, psychologists have developed a detailed picture of the ways in which human judgment is bounded. This paper argues that the time has come to focus attention on the search for strategies that will improve bounded judgment because decision making errors are costly and are growing more costly, decision makers are receptive, and academic insights are sure to follow from research on improvement. In addition to calling for research on improvement strategies, this paper organizes the existing literature pertaining to improvement strategies, highlighting promising directions for future research.

Pages: 12 pages
Date: 2008-06, Revised 2008-07
New Economics Papers: this item is included in nep-cba, nep-cbe, nep-knm and nep-upt
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:hbs:wpaper:08-102

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