Merit-based tests and contests have become popular methods for allocating rewards - from trophies to contracts, jobs to grants, admissions to licenses. With origins in jurisprudence, methods of rewarding merit seem fairer than those rewarding political or social connections, bribery, aggression, status, or wealth. Because of this, merit-based competitions are well-suited to the societal belief that people should be rewarded for what they know or do, and not for who they know or are; however, judging merit is rarely an easy task - it is prone to a variety of biases and errors. Small biases and errors, especially in large competitions, can make large differences in who or what is rewarded. It is important, then, to learn how to spot flaws in procedures for judging merit and to correct them when possible. Based on over 20 years of theory and research in human judgment, decision making and social psychology, this unique book brings together for the first time what is known about the processes and problems of judging merit and their consequences. It also provides practical suggestions for increasing the fairness of merit-based competitions, and examines the future and limits of these competitions in society.

Merit-based tests and contests have become popular methods for allocating rewards from trophies to contracts, jobs to grants, admissions to licenses. With origins in jurisprudence, methods of rewarding merit seem fairer than those rewarding political or social connections, bribery, aggression, status, or wealth. Because of this, merit-based competitions are well-suited to the societal belief that people should be rewarded for what they know or do, and not for who they know or are; however, judging merit is rarely an easy task it is prone to a variety of biases and errors. Small biases and errors, especially in large competitions, can make large differences in who or what is rewarded. It is important, then, to learn how to spot flaws in procedures for judging merit and to correct them when possible.

Based on over 20 years of theory and research in human judgment, decision making and social psychology, this unique book brings together for the first time what is known about the processes and problems of judging merit and their consequences. It also provides practical suggestions for increasing the fairness of merit-based competitions, and examines the future and limits of these competitions in society.

The authors are highly respected as leading figures in the field of judgment and decision making. There are many existing books on topics related to judgment and decision making, but this book makes a unique contribution to this field because of its systematic and scholarly approach, and its breadth of coverage. Robert Goldstone, Indiana University Reid Hastie and Robyn Dawes are two of the most eminent researchers in the field. I know these authors to be excellent writers and I have no doubt that their writing style will be suitable for my students. William Goldstein, University of Chicago In the new edition of this award-winning text, renowned authors Reid Hastie and Robyn Dawes compare and contrast the basic principles of rationality with actual behavior in making decisions. This book explores theories and research findings from the field of judgment and decision making in a non-technical manner, using anecdotes as a teaching device. Intended as an introductory textbook for advanced undergraduate and graduate students, the material not only is of scholarly interest but is practical as well. New to This Edition Chapter introductions, conclusions, and cross-references between chapters make the text more student friendly An abundance of examples from areas such as finance, medicine, law, and engineering anchor concepts to the real world Increased consideration of descriptive, psychological models of decision making augment the original emphasis on normative, rational, Expected Utility Theory models, bring the book up to date Balance among the three major approaches to judgment and decision making: cognitive psychological analyses of mental processes and heuristics, descriptive algebraic models of judgment and decision processes, and rational models of decision making"