Nobel Prize winner Daniel Kahneman's research on the way over-confidence in decision-making can negatively impact business performance inspired...
Decisions celebrates the work of Nobel Prize winner Daniel Kahneman
For Nobel Prize Day, Decisions recognizes Daniel Kahneman's work on the psychology of judgment and decision-making.
Daniel Kahneman is the 2002 recipient of the Nobel Prize in Economic Sciences, notable for his work on the psychology of judgment and decision-making, as well as behavioral economics. His research is the basis for the Decisions Meeting Engagement Score™, which assesses and predicts the likely success of a meeting from indicators of attendee preparedness and agenda creation.
Kahneman challenges assumptions of human rationality prevailing in modern economic therapy. Organization psychologist and Decisions advisor Knut Ivar Karevold shares: “Kahneman’s work is the foundation for those of us who study after him. In my own work and through consulting with Decisions, we are able to identify that individual biases and over-reliance on ‘gut reactions’ leads to poor decision-making in settings such as meetings. This can have devastating effects on business performance.”
In response to reading Kahneman’s book, "Thinking, Fast and Slow," CBS News’ Larry Swedroe writes, “…[Kahneman] clearly shows that while we like to think of ourselves as rational in our decision making, the truth is we are subject to many biases. At least being aware of them will give you a better chance of avoiding them, or at least making fewer of them."
- How often do you attend important meetings without reading the materials in advance?
- How often are decisions made within those meetings that can have short- and long-term effects on business performance?
We encourage our partners to read more about Kahneman’s research and challenge how their meetings are run in order to drive more productive and insightful decision-making.
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