How to Avoid Anchoring in Strategic Decision Making?


 
Anchoring Bias > Best Practices Premium

How to Avoid Anchoring in Strategic Decision Making?
Jos Nieland, Premium Member
Recently, Taleb and Nobel prize-winning psychologist Daniel Kahneman together explored their differing approaches to unlocking the mysteries of decision making processes (in the New York Library). Taleb learned from Kahneman the idea of anchoring bias: when you ask someone the last four figures of his social security number and then how many dentists exist in Manhattan, there will be a correlation according to Kahneman.

People use available 'knowledge', information and forecasts (KIF) without any doubt. And the more complex the KIF presented, the riskier decisions people make! People are too 'gullible' (Editor: ~naive, unsuspecting) using KIF. Besides this naivety, sometimes it can also be very profitable for them to use complex KIF (think of bonuses a... Register
 

 
The Experience Factor in Strategic Decision Making..Sign up
Nhlanhla Sibisi
How is the 'experience factor' included in this (o...
 

 
Role of Consciousness in Decision MakingSign up
srinivas
I think if the decisions are based on conscious...
 

   

   

 
How People make DecisionsSign up
Marcel Wiedenbrugge
Kahneman's book '
 

 
Everything Anchors Bias; Consider 6THSign up
Tom Wilson
This issue is of the essence in all planning and d...
 

 
Decision Making - 6 HatsSign up
Marcel Wiedenbrugge
I think 6 hats is certainly a nice model, but it d...
 

 
6TH Expands Decision MakingSign up
Venta Longman
KIF are definitely influencers in decision making ...
 

 
The WRAP Model of Decision-MakingSign up
Alan Kennedy
I think Mr. Wiedenbrugge makes an important observ...
 

 
Understanding the Basic Power of DisagreementSign up
J Braun
I work in a family organization, and it's a fair s...
 

   

   

 
Preparing for Downsides/ Sideeffects After the DecisionSign up
Jos Nieland
De Bono's 6 Hats, Kahneman's book and Heath and Si...
 

   

 
Experience, Imagination, Creativity and Adaptation in Decision MakingSign up
Venta Longman
Experience is one of several variables in decision...
 

 
AB Can Be Avoided..Sign up
Jim Carwardine
Many decisions are made in a Problem-Solving (PS) ...
 

   

 
Decision Making Viz-a-Viz BiasSign up
Oluyemi Anjorin
Decision making requires critical thinking and cri...
 

 
Objectivity and Self InquirySign up
Damodaram Kuppuswami
One possible approach could be enhancing objectivi...
 

   

   

   

   

   

   

   

 
Decision Making, Age Contribute to BiasnessSign up
shashinhale Wanna
I'm sorry to say that "the older people become, th...
 

   

 
Anchored Bias or Anchoring Bias. How to Avoid it?Sign up
Satya Nistala
The question is: Are we anchored and thus make bia...
 

   

 
The Effect of Yoga on Avoiding Anchoring BiasSign up
srinivas
There is a knowledge body which is called kriya yo...
 

 
 

  Do you wish to study further? You can learn more from the summary, forum, discussions, lessons, courses, training, instructions, expert tips, best practices and education sources. Register.  


Special Interest Group Leader

You here


More on Anchoring Bias
Summary
Forum

Best Practices
  • How to Avoid Anchoring in Strategic Decision Making?

Expert Tips

Resources



About 12manage | Advertising | Link to us / Cite us | Privacy | Suggestions | Terms of Service
2018 12manage - The Executive Fast Track. V14.1 - Last updated: 25-4-2018. All names of their owners.