What is Decision Making?
Let's define decision making. Decision making is just what it sounds like: the action or process of making decisions. Sometimes we make logical decisions, but there are many times when we make emotional, irrational, and confusing choices. This page covers why we make poor decisions and discusses useful frameworks to expand your decision-making toolbox.
Why We Make Poor Decisions
I like to think of myself as a rational person, but I’m not one. The good news is it’s not just me — or you. We are all irrational. For a long time, researchers and economists believed that humans made logical, well-considered decisions. In recent decades, however, researchers have uncovered a wide range of mental errors that derail our thinking. The articles below outline where we often go wrong and what to do about it.
• Common Mental Errors That Sway You From Making Good Decisions: Let's talk about the mental errors that show up most frequently in our lives and break them down in easy-to-understand language. This article outlines how survivorship bias, loss aversion, the availability heuristic, anchoring, and confirmation bias sway you from making good decisions.
• How to Spot a Common Mental Error That Leads to Misguided Thinking: Hundreds of psychology studies have proven that we tend to overestimate the importance of events we can easily recall and underestimate the importance of events we have trouble recalling. Psychologists refer to this little brain mistake as an “illusory correlation.” In this article, we talk about a simple strategy you can use to spot your hidden assumptions and prevent yourself from making an illusory correlation.
• Two Harvard Professors Reveal One Reason Our Brains Love to Procrastinate: We have a tendency to care too much about our present selves and not enough about our future selves. If you want to beat procrastination and make better long-term choices, then you have to find a way to make your present self-act in the best interest of your future self.
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Gaurav Sahni