Tag Archives: decision making

Dan Gilbert: Why We Make Bad Decisions (Video)

From buying a burger, to eating chips, to playing the lottery — Dan Gilbert examines the decision-making process and attempts to explain why we make bad choices. He speaks about the significance of Bernoulli’s equation to everyday life and posits that humans are not very adept at calculating “expected value.” Gilbert also highlights how our decisions can change when making comparisons with the past instead of with the possible, as well as how time impacts decision-making and satisfaction.

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Barry Schwartz: The Paradox of Choice (Video)

American psychologist Barry Schwartz makes the case that while having some choice is good; having too many options can promote paralysis and dissatisfaction. He argues that excessive, complicated choices can lead to regret and anticipated regret, opportunity costs, escalation of expectations and self-blame. Schwartz also discusses global economic problems and proposes income redistribution between societies with too many options and those with too few options, resulting in significant benefits for everyone.

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