Wharton on Making Decisions / Edition 1by Howard C. Kunreuther
Pub. Date: 03/28/2001
Complex business situations require careful decisions, and every decision entails risk. For managers, who walk along the cliff's edge every day, it is crucial to ask the right questions and analyze situations carefully before making decisions that will have a lasting impact on their organizations and their careers. But what are the right questions? What is the… See more details below
Complex business situations require careful decisions, and every decision entails risk. For managers, who walk along the cliff's edge every day, it is crucial to ask the right questions and analyze situations carefully before making decisions that will have a lasting impact on their organizations and their careers. But what are the right questions? What is the impact of rapid change and increasing complexity? How can managers use new technologies to improve decisions?
In Wharton on Making Decisions, distinguished researchers and thinkers from America's premier business school reveal the latest methods in analyzing alternative options and making choices-drawn from several decades of research into the psychological, interactive, and temporal aspects of decision making. They offer important insights on how to improve the decision-making process in different settings to produce outstanding outcomes.
Wharton on Making Decisions explains the role of personal emotion and everyday reasoning in managerial decision making; discusses ways to combine computer models with personal intuition; and investigates new tools for making decisions in increasingly complex environments. The Wharton experts analyze the impact of strategic learning, personal reputation, and deception in negotiated decisions. They also explore the impact of decision making on society as a whole, examining unexpected responses to medical testing, the impact of values on decisions, the phenomenon of information cascades, and how to deal with low-probability, high-consequence events.
Each chapter describes how decisions are actually made, presents an ideal scenario, and provides practical suggestions on how to make smarter decisions. The objective is to enable business managers to strengthen their decision-making skills and apply the latest methods of analysis and reasoning to decisions facing them.
Supplemented with real-world examples such as the fall of Barings Bank and the space shuttle Challenger disaster, Wharton on Making Decisions is must reading for every manager who wants to make the right decision the first time, every time.
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Table of Contents
Chapter 1. A Complex Web of Decisions (Stephen J. Hoch and Howard C. Kunreuther).
PART I. PERSONAL DECISION MAKING.
Chapter 2. The Emotional Nature of Decision Trade-Offs (Mary Frances Luce, John W. Payne and James R. Bettman).
Chapter 3. Bumbling Geniuses: The Power of Everyday Reasoning in Multistage Decision Making (Robert J. Meyer and J. Wesley Hutchinson).
Chapter 4. Choosing Variety (Barbara E. Kahn and Andrea Morales).
PART II. MANAGERIAL DECISION MAKING.
Chapter 5. Combining Models with Intuition to Improve Decisions (Stephen J. Hoch).
Chapter 6. Reflective versus Expedient Decision Making: Views from East and West (Karen A. Jehn and Keith Weigelt).
Chapter 7. Decision Making in Complex Environments: New Tools for a New Age (Paul R. Kleindorfer).
Chapter 8. Managing Frames to Make Better Decisions (Paul J.H. Schoemaker and J. Edward Russo).
PART III. MULTIPARTY DECISION MAKING.
Chapter 9. Strategic Learning and Teaching (Colin F. Camerer and Teck H. Ho).
Chapter 10. Reputations in Negotiation (Steven Glick and Rachel Croson).
Chapter 11. Deception in Negotiations (Maurice E. Schweitzer).
Chapter 12. Electronic Bargaining: The Perils of E-Mail and the Promise of Computer-Assisted Negotiations (G. Richard Shell).
PART IV. IMPACT OF DECISION MAKING ON SOCIETY.
Chapter 13. A Change of Heart: Unexpected Responses to Medical Testing (John Hershey and David A. Asch).
Chapter 14. Values and Decisions (J Irwin and Jonathan Baron).
Chapter 15. Protective Decisions: Fear or Prudence (Howard C. Kunreuther).
Chapter 16. Learners or Lemmings: The Nature of Information Cascades (Felix Oberholzer-Gee).
Chapter 17. Split Personality: Inconsistencies in Private and Public Decisions (Mark V. Pauly).
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