The Buriden’s Ass ‘method’ of decision making

The Buriden’s Ass ‘method’ of decision making is used when two or more equally attractive alternatives exist and it is difficult to make a choice. It is of course based on the old fable of Buriden’s Ass, who starved to death because he was tethered halfway between two equally large and succulent piles of hay

People prefer cash back or a free gift to wild discounts

When we make consumer decisions we often ignore the wild discounts and factor them into the price. 50% discounts from a sofa warehouse become the base price we no longer see the ‘full’ price anymore. We prefer getting something for nothing and prospect theory tells us why – even though the economic value may be the same we regard a cash back as a real win. So rather than a $2000 discount on a car a cheque in the post a month later for $2000 is always preferred.

What makes a good decision maker – the three ingredients

Decision-making is an age old problem that is being compounded today by increasing knowledge, population, complexity, speed and change. The number of decisions being made is increasing as is the pace of change and the number of people in an organization involved in the thousands of day-to-day decisions, from a new product launch to a decision on a new hire that have to be made.

Just sleep on it and make better decisions

I suppose many have read about recent research led by a leading expert on the benefits of napping at the University of California that suggests that Rapid Eye Movement (REM) sleep enhances creative problem-solving. At last now when I get caught sleeping on the job I have the perfect excuse.

Bees show the way to making good decisions

I read with interest an article in the Sunday paper this week on the assertion that Bees ‘Decision Making Strategy’ (sic) could help the business world to come to more informed decisions. Apparently swarms send out ‘scouts’ to assess the quality of a potential site for a hive. The insects then report back to the [...]