Making better decisions in groups

Making better decisions in groups

We review the literature to identify common problems of decision-making in individuals and groups. We are guided by a Bayesian framework to explain the interplay between past experience and new evidence, and the problem of exploring the space of hypotheses about all the possible states that the world could be in and all the possible actions that one could take. There are strong biases, hidden f...

Groups Make Better Self - Interested Decisions

A decision maker in an economics textbook is usually modeled as an individual whose decisions are not influenced by any other people, but of course, human decision-making in the real world is typically embedded in a social environment. Households and firms, common decision-making agents in economic theory, are typically not individuals either, but groups of people—in the case of firms, often in...

Making Better Informed Trust Decisions with Generalized Fact-Finding

Information retrieval may suggest a document, and information extraction may tell us what it says, but which information sources do we trust and which assertions do we believe when different authors make conflicting claims? Trust algorithms known as fact-finders attempt to answer these questions, but consider only which source makes which claim, ignoring a wealth of background knowledge and con...

Making better decisions: from measuring to constructing preferences.

The authors examine how a constructive preferences perspective might change the prevailing view of medical decision making by suggesting that the methods used to measure preferences for medical treatments can change the preferences that are reported. The authors focus on 2 possible techniques that they believe would result in better outcomes. The 1st is the wise selection of default options. De...

Making decisions that matter How improving executive decision-making can lead to better business outcomes