Decision Making and Randomness in Marketing by Mike Kessler at February 17th, 2010 LA2M

Our mental strategies for making decisions worked well when the decision was to run or be eaten by the lion, these strategies do not always serve us well in today’s complex world.  As decision-makers we fall victim to biases, inappropriately extrapolate from past events, improperly use individual behavior to explain collective behavior, wrongly correlate cause and effect, and we do this exceedingly poorly when there is very little or a huge amount of information available.