Experience is not Always an Asset on Decision-Making

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Chloe Xu, Director, Australia
🔥NEW Most of us believe that we stay rational when deciding upon some news we received. However, Staats, KC and Gino (2018) argue that experience affects an individual's response to negative news, and thus influences decision-making. The impact of experience on decision making when receiving bad news. Research findings The researchers conducted a field study and two lab studies to understand how people update their beliefs when receiving bad news. Their main findings include:
  • People change their views after hearing negative news.
  • Experience determines the likelihood of an individual to change his/her mind about a decision made. To be specific, individuals who think they have more experience are less likely to change their mind than those who think they have less experience.
  • Peer experience influences individuals' update on belief. Individuals surrounded by more experienced peers are more likely to stick to their previous decision - even confronted wi (...) Read more? Sign up for free 27-10-2020

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  Jaap de Jonge, Editor, Netherlands
 

Reasons Why Experience is not Always an Asset on Decision-Making

Thanks Chloe for sharing this research. To learn s (...) 28-10-2020

  John Henry, Project Manager, United States
 

Learning from Experience

Experience is an excellent teacher as long as you (...) 13-11-2020

  Maurice Hogarth, Consultant, United Kingdom
 

Repetitive versus Cumulative Experience

@:Agreed. Many people determine that their experi (...) 13-11-2020

  Jaap de Jonge, Editor, Netherlands
 

A Learning Attitude Protects Us Against Misusing our Experience

@: I agree that experience is normally valuable in (...) 17-11-2020

  John Henry, Project Manager, United States
 

The Importance of Experience, is Indeed, Learning from It

If you use your experience as an excuse, you have (...) 17-11-2020

  Sashi Rao, Management Consultant, India
 

Lateral Thinking and Out of Box Thinking Does Help

I agree that experience does not always result in (...) 18-11-2020

  John Henry, Project Manager, United States
 

How Decision Makers Should be Informed

Should seasoned decision makers really listen to i (...) 18-11-2020

  Paul Adlai Scavella, Coach
 

Experience Has its Pros and Cons

Experience is necessary but has to be used appropr (...) 20-11-2020

  John Prendergast, Management Consultant, United Kingdom
 

Building Confidence and a Learning Environment with Experience

@: I agree it is important to engage junior, new, (...) 20-11-2020

  Sreejith
 

Experience is a Conjugated Interplay of Learning & Unlearning

Removed by Editor to keep 1 (...) 20-11-2020

 
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