The Art and Science of High-Stakes Decisions
How can anyone make rational decisions in a world where knowledge is limited, time is pressing, and deep thought is often unattainable? Some decisions are more difficult than others. Yet we’re often …
fsbook
Giffen Goods: Raising prices and increasing consumption
Other things being equal when the price of a good rises, the quantity demanded should fall. Economics refer to this as the law of demand. Because there are many counter-examples to this law it’s …
The Art and Science of Asking Better Questions
At the recommendation of Warren Buffett’s Biographer, Alice Schroeder, I’ve been reading The Craft of Interviewing. Schroeder seems pretty crafty at knowing when, what, and how to ask …
Choice Under Uncertainty
We use heuristics – rules of thumb – to make judgments. These can lead to certain predictable biases. These can lead to certain predictable biases. For instance, we classify situations …
The Anatomy of a Decision: An Introduction to Decision Making
“The only proven way to raise your odds of making a good decision is to learn to use a good decision-making process—one that can get you the best solution with a minimal loss of time, energy, …