Jove
Visualize
Contact Us

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
    This summary is machine-generated.

    Related Concept Videos

    You might also read

    Related Articles

    Articles linked to this work by shared authors, journal, and citation graph.

    Sort by
    Same author

    The palliative management of non-islet cell tumour hypoglycaemia with glucocorticoids and somatostatin analogues in an unresectable hepatocellular carcinoma.

    Annals of the Royal College of Surgeons of England·2022
    Same author

    Prediction, prevention and management of postresection liver failure.

    The British journal of surgery·2011
    Same author

    Colonic ischaemia and intra-abdominal hypertension following open repair of ruptured abdominal aortic aneurysm (Br J Surg 2009; 96: 621-627).

    The British journal of surgery·2009
    Same author

    When acquired thrombophilia mattered.

    Gut·2005
    Same author

    A framework to guide thinking and analysis regarding climate change policies.

    Risk analysis : an official publication of the Society for Risk Analysis·2002
    Same author

    Surgeons and injury prevention: what you don't know can hurt you!

    Journal of the American College of Surgeons·2001
    Same journal

    What is your return on your skills investment?

    Clinical laboratory management review : official publication of the Clinical Laboratory Management Association·2000
    Same journal

    As we see it. Outreach.

    Clinical laboratory management review : official publication of the Clinical Laboratory Management Association·2000
    Same journal

    Dollar$ & $en$e. Part III: Measuring added value.

    Clinical laboratory management review : official publication of the Clinical Laboratory Management Association·2000
    Same journal

    When a health-care plan does not cover an ordered test.

    Clinical laboratory management review : official publication of the Clinical Laboratory Management Association·2000
    Same journal

    Career development strategies. The psycho-barbarian manager.

    Clinical laboratory management review : official publication of the Clinical Laboratory Management Association·2000
    Same journal

    The use of the Delphi panel for consensus development on indicators of laboratory performance.

    Clinical laboratory management review : official publication of the Clinical Laboratory Management Association·2000
    See all related articles
    JoVE
    x logofacebook logolinkedin logoyoutube logo
    ABOUT JoVE
    OverviewLeadershipBlogJoVE Help Center
    AUTHORS
    Publishing ProcessEditorial BoardScope & PoliciesPeer ReviewFAQSubmit
    LIBRARIANS
    TestimonialsSubscriptionsAccessResourcesLibrary Advisory BoardFAQ
    RESEARCH
    JoVE JournalMethods CollectionsJoVE Encyclopedia of ExperimentsArchive
    EDUCATION
    JoVE CoreJoVE BusinessJoVE Science EducationJoVE Lab ManualFaculty Resource CenterFaculty Site
    Terms & Conditions of Use
    Privacy Policy
    Policies

    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.