Cognitive Biases Are Bad for Business

May 20th, 2013

By Dr. Jim Taylor The conventional wisdom in classical economics is that we humans are “rational actors” who, by our nature, make decisions and behave in ways that maximize advantage and utility and minimize risk and costs. This theory has driven economic policy for generations despite daily anecdotal evidence that we are anything but rational, […]


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Cognitive Biases Make Common Sense Neither

July 18th, 2011

By Dr. Jim Taylor In a recent post, I argued that common sense was vastly over-rated as a tool for making sound judgments and that we need to engage in “reasoned sense” that includes both extensive direct experience and critical thinking. Taking steps that include the informal use of the scientific method can help us […]


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