Framing Decisions: Decision-Making that Accounts for Irrationality, People and Constraints

The economic crisis of 2008–2009 was a transformational event: it demonstrated that smart people aren't as smart as they and the public think. The crisis arose because a lot of highly educated people in high-impact positions— political power brokers, business leaders, and large segments of the general public—made a lot of bad decisions despite unprecedented access to data, highly sophisticated decision support systems, methodological advances in the decision sciences, and guidance from high...