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Beware of Decision Traps: The World of Certainty

In: Making Better Decisions

Author

Listed:
  • Pekka J. Korhonen

    (Aalto University School of Business)

  • Jyrki Wallenius

    (Aalto University School of Business)

Abstract

We quote Hammond, Keeney, and Raiffa’s Harvard Business Review paper from 1998: “So where do bad decisions come from? In many cases, they can be traced back to the way the decisions were made—the alternatives were not clearly defined, the right information was not collected, the costs and benefits were not accurately weighed. But sometimes the fault lies not in the decision-making process but rather in the mind of the decision-maker. The way the human brain works can sabotage our decisions.”

Suggested Citation

  • Pekka J. Korhonen & Jyrki Wallenius, 2020. "Beware of Decision Traps: The World of Certainty," International Series in Operations Research & Management Science, in: Making Better Decisions, chapter 0, pages 31-38, Springer.
    • Handle: RePEc:spr:isochp:978-3-030-49459-9_5
    DOI: 10.1007/978-3-030-49459-9_5
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