EDM Week 1 Topics

Need to improve decision making skills?

 

Have you ever taken lessons for music, tennis, golf?
Have you ever taken lessons for decision making?
Just as lessons for music, golf and tennis are necessary to be good, so it is with decision making skill.

Do you ever feel anguish when making a decision? Individually or in a group?

Decision anguish

Individually

Group

Everyone is an expert

BOGGSAT (Bunch Of Guys/Gals Sitting Around Talking)

Wasted time

Bad feelings
Inferior decision

Overcome Cognitive limitations

Short term memory

Channel capacity

Role of Intuition/emotion; rationality/reason

Optical Illusions and Cognitive Illusions

Rational Economics — unrealistic assumptions

Behavioral Economics — what to be aware of but how to avoid?

Prospect Theory

Losses loom larger than gains

Humans are loss averse
    But humans are not necessarily Risk Averse! See Why

Gap — AHP

The Neuroscience Behind Bad Decisions | Quanta Magazine

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