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 highly experienced
experts. How could we get things so wrong? The answer, says J.
Davidson Frame in "Framing Decisions: Decision Making That Accounts
for Irrationality, People, and Constraints," is that traditional
processes do not account for the three critical immeasurable
elements highlighted in the book's subtitle-- irrationality,
people, and constraints.
Frame argues that decision-makers need to move beyond their
single-minded focus on rational and optimal solutions as preached
by the traditional paradigm. They must accommodate a decision's
"social space" and address the realities of dissimulation,
incompetence, legacy, greed, peer pressure, and conflict. In the
final analysis, when making decisions of consequence, they should
focus on people - both as individuals and in groups.
"Framing Decisions" offers a new approach to decision making
that gets decision-makers to put people and social context at the
heart of the decision process. It offers guidance on how to make
decisions in a real world filled with real people seeking real
solutions to their problems.
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