"Daniel Kahneman, recipient of the Nobel Prize in Economic Sciences for his seminal work in psychology that challenged the rational model of judgment and decision making, is one of our most important thinkers. His ideas have had a profound and widely regarded impact on many fields - including economics, medicine, and politics - but until now, he has never brought together his many years of research and thinking in one book. ... [He] explains the two systems that drive the way we think. System 1 is fast, intuitive, and emotional; System 2 is slower, more deliberative, and more logical. Kahneman exposes the extraordinary capabilities - and also the faults and biases - of fast thinking, and reveals the pervasive influence of intuitive impressions on our thoughts and behavior. ... reveals where we can and cannot trust our intuitions and how we can tap into the benefits of slow thinking. He offers practical and enlightening insights into how choices are made in both our business and our personal lives - and how we can use different techniques to guard against the mental glitches that often get us into trouble"--From jacket.

"Poker champion turned business consultant Annie Duke teaches you how to get comfortable with uncertainty and make better decisions as a result. In Super Bowl XLIX, Seahawks coach Pete Carroll made one of the most controversial calls in football history: With 26 seconds remaining, and trailing by four at the Patriots' one-yard line, he called for a pass instead of a hand off to his star running back. The pass was intercepted and the Seahawks lost. Critics called it the dumbest play in history. But was the call really that bad? Or did Carroll actually make a great move that was ruined by bad luck? Even the best decision doesn't yield the best outcome every time. There's always an element of luck that you can't control, and there is always information that is hidden from view. So the key to long-term success (and avoiding worrying yourself to death) is to think in bets: How sure am I? What are the possible ways things could turn out? What decision has the highest odds of success? Did I land in the unlucky 10% on the strategy that works 90% of the time? Or is my success attributable to dumb luck rather than great decision making? Annie Duke, a former World Series of Poker champion turned business consultant, draws on examples from business, sports, politics, and (of course) poker to share tools anyone can use to embrace uncertainty and make better decisions. For most people, it's difficult to say "I'm not sure" in a world that values and, even, rewards the appearance of certainty. But professional poker players are comfortable with the fact that great decisions don't always lead to great outcomes and bad decisions don't always lead to bad outcomes. By shifting your thinking from a need for certainty to a goal of accurately assessing what you know and what you don't, you'll be less vulnerable to reactive emotions, knee-jerk biases, and destructive habits in your decision making. You'll become more confident, calm, compassionate and successful in the long run"--

Amazing Decisions follows the narrator, Adam, as he faces the daily barrage of choices and deliberations. He juggles two overlapping--and often contradictory--sets of norms: social norms and market norms. These norms inform our thinking in ways we often don't notice, just as Adam is shadowed by the "market fairy" and the "social fairy," each compelling him to act in certain ways. Good decision-making, Ariely argues, requires us to identify and evaluate the forces at play under different circumstances, leading to an optimal outcome. Amazing Decisions is a fascinating and entertaining guide to developing skills that will prove invaluable in personal and professional life.--

"Eli Goldratt is known by millions of readers worldwide as a scientist, educator and business guru. His Theory of Constraints (TOC) is taught at business schools and MBA programs around the globe. Government agencies and businesses, large and small, have adopted his methodologies. TOC has been successfully applied in almost every area of human endeavor, from industry to healthcare to education. And while Eli Goldratt is indeed a scientist, an educator and a business leader, he is first and foremost a philosopher; some say a genius. He is a thinker who provokes others to do the same. In The Choice, Goldratt once again presents his thought-provoking approach, this time through a conversation with his daughter, Efrat, as they discuss his fundamental system of beliefs. Through examples and discussions, Eli Goldratt helps us understand, holistically, how the interrelation of emotions, intuition and logic influences our ability to think clearly and problem solve when making personal and professional decisions. Can every conflict be removed? Is every situation exceedingly simple? (no matter how complex it initially looks) Can every situation be substantially improved? Is there always a win-win solution? Dr. Goldratt exhorts his readers to examine and reassess their lives and business practices by cultivating a different perspective and a clear new vision. This revised edition includes Efrat's Notes - these notes and logical maps are helpful tools that assist in visualizing and implementing the thoughts and ideas expressed throughout this book"--

Why policies should be based on careful consideration of their costs and benefits rather than on intuition, popular opinion, interest groups, and anecdotes. Opinions on government policies vary widely. Some people feel passionately about the child obesity epidemic and support government regulation of sugary drinks. Others argue that people should be able to eat and drink whatever they like. Some people are alarmed about climate change and favor aggressive government intervention. Others don't feel the need for any sort of climate regulation. In The Cost-Benefit Revolution, Cass Sunstein argues our major disagreements really involve facts, not values. It follows that government policy should not be based on public opinion, intuitions, or pressure from interest groups, but on numbers--meaning careful consideration of costs and benefits. Will a policy save one life, or one thousand lives? Will it impose costs on consumers, and if so, will the costs be high or negligible? Will it hurt workers and small businesses, and, if so, precisely how much? As the Obama administration's "regulatory czar," Sunstein knows his subject in both theory and practice. Drawing on behavioral economics and his well-known emphasis on "nudging," he celebrates the cost-benefit revolution in policy making, tracing its defining moments in the Reagan, Clinton, and Obama administrations (and pondering its uncertain future in the Trump administration). He acknowledges that public officials often lack information about costs and benefits, and outlines state-of-the-art techniques for acquiring that information. Policies should make people's lives better. Quantitative cost-benefit analysis, Sunstein argues, is the best available method for making this happen--even if, in the future, new measures of human well-being, also explored in this book, may be better still.

"Fighting climate change, saving democracy, and eradicating poverty are urgent global challenges, yet the world's leaders continue to pursue outdated policies that focus on one while worsening the tradeoffs between each of them. Shared Prosperity in a Fractured World shows how the nations of the world can achieve all three objectives. Dani Rodrik provides a bold new vision of globalization, one in which we accelerate the green transition to achieve a sustainable planet, shore up the middle class to restore democracy's foundations, and hasten economic revitalization in the developing world to put an end to poverty. The rising tide of authoritarianism has demonstrated our inability to alleviate economic anxieties. Economic nationalism has raised the specter of increased protectionism and deteriorating prospects for economic growth. And automation and other new technologies have undercut the advantages of low-cost, unskilled labor in manufacturing and export-oriented industrialization. Rodrik reveals how we can restore prosperity through new forms of collaborative public-private action-to promote renewables and green industries, middle-class jobs, and enhanced productivity in labor-absorbing services-even in the absence of global cooperation. He explains why this new kind of globalization must also recognize the legitimate desire of governments to pursue their economic, social, and security interests autonomously. Turning conventional economic wisdom on its head, Shared Prosperity in a Fractured World builds on practices that work while radically transforming those that don't, presenting a grounded, clear-eyed approach to tackling the problems that affect us all, at home and around the world"--

“A convincing case that careful analysis of the history, issues, individuals, and institutions can lead to better decisions—in business as well as in government” ( BusinessWeek ). Two noted professors offer easily remembered rules for using history effectively in day-to-day management of governmental and corporate affairs to avoid costly blunders. “An illuminating guide to the use and abuse of history in affairs of state” (Arthur Schlesinger).

The purpose of this text is to provide business students with an introduction to a range of methods for structuring decisions and problems, rather than solving them. All methods discussed are illustrated with case histories, which describe the sequence of events by which the method is applied.

An introduction to the use of probability models for analyzing risk and economic decisions, using spreadsheets to represent and simulate uncertainty. This textbook offers an introduction to the use of probability models for analyzing risks and economic decisions. It takes a learn-by-doing approach, teaching the student to use spreadsheets to represent and simulate uncertainty and to analyze the effect of such uncertainty on an economic decision. Students in applied business and economics can more easily grasp difficult analytical methods with Excel spreadsheets. The book covers the basic ideas of probability, how to simulate random variables, and how to compute conditional probabilities via Monte Carlo simulation. The first four chapters use a large collection of probability distributions to simulate a range of problems involving worker efficiency, market entry, oil exploration, repeated investment, and subjective belief elicitation. The book then covers correlation and multivariate normal random variables; conditional expectation; optimization of decision variables, with discussions of the strategic value of information, decision trees, game theory, and adverse selection; risk sharing and finance; dynamic models of growth; dynamic models of arrivals; and model risk. New material in this second edition includes two new chapters on additional dynamic models and model risk; new sections in every chapter; many new end-of-chapter exercises; and coverage of such topics as simulation model workflow, models of probabilistic electoral forecasting, and real options. The book comes equipped with Simtools, an open-source, free software used througout the book, which allows students to conduct Monte Carlo simulations seamlessly in Excel.

This outstanding contribution to market research focuses on the upfront activities and ideas for new product and service development. A central theme of this book is that there is, or should be, a constant struggle going on in every organization, business, and system between delivering feature-rich versions of products and services using extravagant engineering and delivering low-cost versions of products and services using frugal engineering. A number of powerful concepts and tools are presented in the book to facilitate new product development. For example, three templates are featured that facilitate new product and service development. The FAD (features, attributes, and design) template is used to identify the features and attributes that can be used for product and service differentiation. The Ten-Ten planning process contains two templates: an Organizational and Industry Analysis template and the Business Plan Overview template. These two templates coupled with the FAD template can be used to develop a full-blown business plan. Entrepreneurship, technology and product life cycles, product and service versioning, product line optimization, creativity, lock-in real options, business valuation, and project management topics are also covered.

This book describes the new perspective of naturalistic decision making. The point of departure is how people make decisions in complex, time-pressured, ambiguous, and changing environments. The purpose of this book is to present and elaborate on past models developed to explain this type of decision making. The central philosophy of the book is that classical decision theory has been unproductive since it is so heavily grounded in economics and mathematics. The contributors believe there is little to be learned from laboratory studies about how people actually handle difficult and interesting tasks; therefore, the book presents a critique of classical decision theory. The models of naturalistic decision making described by the contributors were derived to explain the behavior of firefighters, business people, jurors, nuclear power plant operators, and command-and-control officers. The models are unique in that they address the way people use experience to frame situations and adopt courses of action. The models explain the strengths of skilled decision makers.