A new model for decision making needs to focus less on bias, be realistic, be environment specific, and multidisciplinary

Date created: 2022-10-17

The author in We don’t have a hundred biases, we have the wrong model argues that we need a new comprehensive model rather than just adding to the list of cognitive biases.

Four features:

  • A weakened focus on bias. The goal of decision-making is to minimize error, and a biased decision-making tool will sometimes have the lowest degree of error.
  • The brain has limited resources, and we should consider this rather than requiring optimal decisions every time.
  • Decision-making should be viewed in context.
  • A new model of behavior will be multidisciplinary. “It won’t involve economics picking up a couple of random pieces of psychology. We will find insight across the sciences.”