IDEAS home Printed from https://ideas.repec.org/h/pal/paichp/978-1-137-45674-8_3.html
   My bibliography  Save this book chapter

Investments in Human Capital to Remedy Decision-Making Errors

In: Integrating Human Capital with Human Development

Author

Listed:
  • John F. Tomer

Abstract

With the rise of behavioral economics, we are becoming much more aware that we humans do not “naturally” make decisions like the rational beings depicted in neoclassical economics. We now know that humans regularly err in their decision making; humans are in Dan Ariely’s (2009) words “predictably irrational.” The purpose of this chapter is first to explore some of the main things we have learned or are learning about how the human mind often errs in economic judgment and decision making. The second purpose is to indicate what humans can do to remedy these errors. Such remedial actions are in effect investments in human capital (HC) as they raise human decision-making capability. The chapter focuses on both the most typical and important flaws in human decision making and a number of important ways that humans can avoid or reduce these errors. The approach taken here is to explore this subject utilizing only the contributions of a few key well-known authors.

Suggested Citation

  • John F. Tomer, 2016. "Investments in Human Capital to Remedy Decision-Making Errors," Palgrave Advances in Behavioral Economics, in: Integrating Human Capital with Human Development, chapter 0, pages 39-61, Palgrave Macmillan.
    • Handle: RePEc:pal:paichp:978-1-137-45674-8_3
    DOI: 10.1057/9781137456748_3
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:paichp:978-1-137-45674-8_3. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.