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The Psychology of Judgment and Decision Making (Paperback)

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Key Phrases: time delay traps, collective traps, confident respondents, United States, Amos Tversky, Baruch Fischhoff (more...)
4.7 out of 5 stars  See all reviews (18 customer reviews)

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``Contains a wonderful selection of the classic studies on psychology.'' (Journal of Marketing ) --the Psychologogy of Judgement and Decision Making


Review

``Contains a wonderful selection of the classic studies on psychology.'' (Journal of Marketing )

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4.7 out of 5 stars (18 customer reviews)
 
 
 
 
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91 of 92 people found the following review helpful:
5.0 out of 5 stars Excellent and insightful., May 10, 2004
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This is a fascinating book analyzing how we are all far less Cartesian than we think. In other words, a slew of predictable human bias flaws what we feel is our own objective judgment. The author eminently demonstrates this point by forcing the reader to take a 39 questions test at the beginning of the book. This test is stuffed with all the traps that illustrate the human judgment flaws that he analyzes thoroughly in following specific chapters.

You can view the test as a very entertaining IQ test from hell. The questions seem often simple. But, they are not. Other times, they are obviously difficult. I got a bit more than half of them correct. This was mainly because I had some knowledge or experience regarding certain traps the questions presented. I had made the mistake before. So, I learned from that. When I did not have any prior knowledge of a question, my results were very human, meaning not that good. But, learning the correct answer was both fun and educating.

The author touches on several fascinating probability and statistic concepts. One of them being the Bayes theorem, which suggests that medical screen test can be highly unreliable despite being touted as 80% to 90% accurate. In other words, you better understand the Bayes theorem better than the medical specialists who screen you for various diseases. Because, based on the author's study, doctors don't have a clue. Another chapter had an excellent discussion on correlation vs. causation. This includes some tricky nuances that many analysts in the financial industry trip upon. Another interesting probability concept is why it takes only 23 people in a room to have greater than a 50% that two of them share the same birthday. This seems impossible, but it is true.

The book has obviously a lot more than I am letting on here. I am not going to ruin it for you. It is really fun, educating, and interesting to read. You will also learn a whole lot about how you think, how others think, and how people think in groups. You will also understand how tricky it is to ask truly open and objective questions. Also, polls that seem objective are not due to the subjective structure of the question. I think you will enjoy this book, and I strongly recommend it.

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66 of 73 people found the following review helpful:
5.0 out of 5 stars Introductory and readable summary on this topic, April 23, 2003
This is my first book on psychology for self-study. As the author puts in the preface, "the focus is on experimental findings rather than psychological theory, surprising conclusions rather than intuitions, and descriptive prose rather than mathematics."

The author tends to use nuclear weapon, war, and clinical examples more often than other topics in order to illustrate concepts. The examples are taken from actual empirical researches, including laboratory ones. Due to the purpose of the textbook, the examples are used to explain concepts, rather than to show how an experiment is designed or how "good" the experiment is in the sense of cause and effect. The bibliography list is correspondingly large given only some 260 pages. The author does not forget to provide tips on how to avoid particular biases presented in a given chapter. No exercises are provided at the end of each chapter, but a special section READER SURVEY given after preface asks you to answer 39 questions to be used in the main part of the text. No glossary is provided.

As I read through, I have warned myself not to generalize research results presented to be directly applicable to my life without careful thoughts. From my naïve point of view and based only on materials presented in the book, these research findings may be internally valid, but never guaranteed to work in any other circumstances or contexts. Such context dependence is treated explicitly in Chapter 4, but it all applies to any other concepts discussed throughout the book. The author warns this point to readers at the end of the book in Appendix. My suggestion for the next revision would be to include informal yet usable introduction on how to design an experiment that anyone could conduct without specialized devices or environment, so that readers can test biases that may be present in their own contexts.

As an example, having been an Amazon customer for a while, I see more votes on "yes" for reviews 4 and 5 stars than those on "no" for reviews 3 and below. The page is designed such that unaware people see most helpful review first, then most recent review in decreasing order by default. Your impression toward a book may change if you sort reviews by least helpful first or lowest rating first. Biases may be present in your purchase decision making processes. If you are curious about knowing some characterizations and explanations for them, this book may be for you.

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34 of 39 people found the following review helpful:
5.0 out of 5 stars Entertaining, educational and effective, April 14, 2000
By Joseph J. Kranz (Portsmouth, RI USA) - See all my reviews
Scott Plous creates an effective learning experience by entrapping you into revealing your own personal psychology of decision-making...if only to yourself. It is an extremely entertaining and educational method that holds you from the first page to the last. Whether you're an academic interested in a useful textbook tool or a lay person, manager or other professional reliant on decision-making, you'll enjoy and appreciate this book.
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Most Recent Customer Reviews

4.0 out of 5 stars Are we rational decision makers?
First we need to define what we understand under rational. Initially, researchers measured human rationality by analyzing the degree of "maximization" of utility (net wealth) of... Read more
Published 1 month ago by A. Panda

5.0 out of 5 stars A Wonderful Work
This work by Scott Plous should not be taken lightly. Dr. Plous, indeed, reviews the literature, but he also puts the missing pieces to the puzzle together as you try to... Read more
Published 11 months ago by R. johnson

5.0 out of 5 stars Outstanding
One of my favorite recommendations to non-cognitive psychologist friends in addition to required reading in several of my courses.
Published 14 months ago by pd

5.0 out of 5 stars Loved it and will read it again.
I think it is probably the best book on decision-making psychology I read. This book is full of great insights and tips into the decision making. Read more
Published 21 months ago by Lev Virine

4.0 out of 5 stars Solid Introductory Text on Social Psychology
If you are interested in getting a glimpse into the way people make decisions under ambiguous, complex, or non-linear conditions, this book is a good place to start. Read more
Published on June 17, 2007 by D. Weisberg

4.0 out of 5 stars Judging Judgment and Decision Making
A decade ago Scott Plous produced a very readable summary of research in social psychology and (what is now known as) behavioral economics. Read more
Published on October 17, 2005 by P. Zimmerman

5.0 out of 5 stars Scott Plous is a star. This is an inspiring text that had my brain popping.
I write this from the perspective of a social and market researcher, and thought I was quite aware of many of the nuances and pitfalls that can render our scientific research... Read more
Published on September 19, 2005 by D. Stuart

5.0 out of 5 stars A lot of materials in this Great Book
This is a very dense book, relatively easy to read, and very2 helpful. I love Blink and The Tipping Point, but this book probably has much much more materials, arguably more than... Read more
Published on July 5, 2005 by T SANTOSO

3.0 out of 5 stars Does not answer "How to make better decisions"
After reading this book, your ability to make better decisions will improve a whopping zero. If you 1)want to learn how to make better decisions 2)like to save money because it is... Read more
Published on January 22, 2005 by Jaewoo Kim

5.0 out of 5 stars Absolute joy to read
Absolute joy to read both as educational and informative piece. People who master the decision making tactics of others can rule the world.
Published on August 19, 2003 by Don Gable

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The Psychology of Judgment and Decision Making

Heuristics Decision Theory Gerd Gigerenzer Kahneman & Tversky Qualitative Research Quantitative Research Marketing Research Decision-Focused Market Research

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