Finding Mastery with Dr. Michael Gervais

Frameworks for Better Decision Making | Dr. Eric Johnson

18 snips

Mar 9, 2022

Dr. Eric Johnson, a leading expert in behavioral decision research and Director at Columbia Business School, explores the intricacies of decision-making. He discusses how the presentation of choices can significantly impact our decisions, from organ donation to environmentally friendly products. Eric emphasizes the importance of choice architecture, explaining how simplifying options can lead to better outcomes. He also offers insights on navigating decisions under pressure and the psychological biases that can affect our choices in high-stakes situations.

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INSIGHT

Limiting Choices

People limit themselves by the choices they consider.
Understanding how people create these choice sets is fascinating.

ANECDOTE

Bedtime Choice Architecture

A parent offered their child two bedtime options: finding or bouncing into bed.
This gave the child agency while ensuring they went to bed.

INSIGHT

Bad Choice Architecture

Choice architecture can be poorly implemented, harming decision-makers.
NYC high school applications initially offered an overwhelming 769 choices.

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This week’s conversation is with Dr. Eric Johnson, a Norman Eig Professor of Business, and Director of the Center for Decision Sciences at the Columbia Business School.

He has been the President of the Society for Judgment and Decision-Making and the Society for Neuroeconomics.

His academic awards include the Distinguished Scientific Achievement Award of the Society for Consumer Psychology, Fellow of the Association of Consumer Research, and an honorary doctorate in behavioral economics from the University of St. Gallen in Switzerland.

Eric’s research examines the interface between Behavioral Decision Research, Economics and the decisions made by consumers, managers, and their implications for public policy, markets and marketing.

Among other topics, Eric has explored how the way options are presented to decision-makers affect their choices in areas such as organ donation, the choice of environmentally friendly products, and investments.

I wanted to have Eric on because I read his latest book, “The Elements of Choice: Why the Way We Decide Matters” – Decisions and microdecisions are one of our greatest human privileges. It is our choices that ultimately reveal who we are. Eric has spent his life understanding the frameworks for decision making – how we set conditions, and how conditions influence us.

You’ll be fascinated by what Eric has to share about decision making.

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