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Data Mining Reveals the Crucial Factors That Determine When People Make Blunders

2019.01.15|
AI

The way people make decisions in the real world is a topic of increasing interest among psychologists, social scientists, economists, and others. It determines how economies perform, how elections are run, and how conflicts break out and get resolved.

One idea has provided a focal point for decision-making research. This is the notion of bounded rationality—that people are limited by various constraints in the real world, and these play a crucial role in the decision-making process.  People are limited by the difficulty of the decision they have to make, their own decision-making skill, and the time they can spend on the problem. Nevertheless, whatever the circumstances, a decision has to be made and the consequences accepted.

That raises an important set of questions. How do these factors influence the quality of the decision being made? Does time pressure have a bigger impact than, say, decision-making skill on the quality of a decision?

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