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Related Experiment Videos

The hidden traps in decision making.

J S Hammond, R L Keeney, H Raiffa

    Clinical Laboratory Management Review : Official Publication of the Clinical Laboratory Management Association
    |June 3, 1999
    PubMed
    Summary
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    Awareness of eight common psychological traps can improve business decision-making. Recognizing cognitive biases like anchoring and overconfidence helps prevent flawed choices and ensures reliable outcomes.

    Area of Science:

    • Cognitive Psychology
    • Decision Science
    • Behavioral Economics

    Background:

    • Poor decision-making often stems from flawed processes or cognitive biases.
    • The human mind can inadvertently sabotage rational choices.

    Purpose of the Study:

    • To examine eight prevalent psychological traps affecting business decision-making.
    • To provide strategies for mitigating these cognitive biases.

    Main Methods:

    • Analysis of psychological literature on decision-making.
    • Identification and description of eight key cognitive traps.

    Main Results:

    • Identified eight psychological traps: anchoring, status-quo, sunk-cost, confirming-evidence, framing, overconfidence, prudence, and recallability.

    Related Experiment Videos

  • Each trap distorts judgment by influencing information processing and evaluation.

    • Conclusions:

    • Psychological traps significantly impact business decisions.
    • Awareness and proactive strategies are crucial for sound decision-making.