How a problem is presented impacts our judgments from "summary" of Judgment in Managerial Decision Making by Max H. Bazerman,Don A. Moore
The manner in which a problem is framed can significantly influence the judgments we make. This phenomenon is known as "framing effect," and it highlights the importance of how information is presented to individuals when they are making decisions. When a problem is framed in a positive light, individuals are more likely to take risks, while framing the same problem in a negative light tends to make people more risk-averse. For example, consider a scenario where a medical treatment is described as having a 70% success rate versus a 30% failure rate. The framing of the information in terms of success versus failure can lead individuals to make different decisions, even though the underlying statistics are the same. This demonstrates h...
Similar Posts
Be proactive in seeking out opportunities for growth
The key to success lies in taking initiative and actively seeking out opportunities for personal and professional growth. Inste...
Social norms influence individual behavior
It is a common belief that individuals make decisions based on their own preferences and desires. However, this perspective ove...
Urgent need for reform in money culture
The money culture is a world where the pursuit of profit often trumps ethical considerations. It is a place where greed reigns ...
Incorporate storytelling into your pitch
When presenting your ideas to potential investors or clients, incorporating storytelling into your pitch can be a powerful tool...
The benefits of seeking feedback to improve our decisions
Seeking feedback is a crucial aspect of making better decisions. It allows us to gain valuable insights from others that we may...
Scientific principles can be explained through absurd hypotheticals
Imagine a world where the laws of physics are not just guidelines, but strict rules that dictate everything around us. Picture ...
The fear of missing out drives action
The fear of missing out is a powerful force that drives people to take action. When we see others enjoying something or achievi...
Representativeness bias leads to stereotyping
Representativeness bias is a cognitive shortcut that leads us to make judgments based on how closely an object or event resembl...
Intellectual property rights promote innovation
Intellectual property rights play a crucial role in fostering innovation within a society. By granting individuals or organizat...
Unemployment can be caused by various factors and can have harmful effects on the economy
Unemployment is not solely the result of people being lazy or unwilling to work. There are various factors that can contribute ...