The Decision Maker's Playbook by Dhar Julia & Mueller Simon

Author:Dhar, Julia & Mueller, Simon [Dhar, Julia]
Language: eng
Format: epub
Publisher: Pearson Education Limited
Published: 2019-03-09T16:00:00+00:00

THE BOTTOM LINE

When we make decisions, we often take into account irrelevant factors such as costs incurred in the past. We often fall into the all or nothing trap in which we consider all the benefits and all the costs of a decision situation, which makes decision problems complex and unwieldy. Contrast that with marginal thinking. It requires you to only take into account variables pertinent to your current situation. In its core, marginal thinking is economic thinking, as it always assumes that decisions are made by weighing additional costs against additional benefits. Marginal thinking provides the foundation for rational decision making .

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