Making decisions can be tough, but how do you know it s the right one and how can you be sure that unconscious biases aren t distorting your thinking? In Risky Business, Anna Withers and Mark Withers draw on decades of research in the fields of psychology, behavioral economics and neuroscience to explain why are so-called rational brains are frequently fooled by over 100 powerful unconscious biases. At the same time they provide a straightforward framework everyone can use, (...) where these biases are embodied into eight memorable characters that help us to avoid these pitfalls and make better decisions.". (shrink)

Cognitive scientists have identified a wide range of biases and heuristics in human decision making over the past few decades. Only recently have bioethicists begun to think seriously about the implications of these findings for topics such as agency, autonomy, and consent. This article aims to provide an overview of biases and heuristics that have been identified and a framework in which to think comprehensively about the impact of them on the exercise of autonomous decision making. (...) I analyze the impact that these biases and heuristics have on the following dimensions of autonomy: understanding, intentionality, absence of alienating or controlling influence, and match between formally autonomous preferences or decisions and actual choices or actions. (shrink)

To make behavioral choices that are in line with our goals and our moral beliefs, we need to gather and consider information about our current situation. Most information present in our environment is not relevant to the choices we need or would want to make and thus could interfere with our ability to behave in ways that reflect our underlying values. Certain sources of information could even lead us to make choices we later regret, and thus it would be beneficial (...) to be able to ignore that information. Our ability to exert successful self-governance depends on our ability to attend to sources of information that we deem important to our decision-making processes. We generally assume that, at any moment, we have the ability to choose what we pay attention to. However, recent research indicates that what we pay attention to is influenced by our prior experiences, including reward history and past successes and failures, even when we are not aware of this history. Even momentary distractions can cause us to miss or discount information that should have a greater influence on our decisions given our values. Such biases in attention thus raise questions about the degree to which the choices that we make may be poorly informed and not truly reflect our ability to otherwise exert self-governance. (shrink)

Multiple measures of decision-making under uncertainty (e.g. jumping to conclusions (JTC), bias against disconfirmatory evidence (BADE), win-switch behavior, random exploration) have been associated with delusional thinking in independent studies. Yet, it is unknown whether these variables explain shared or unique variance in delusional thinking, and whether these relationships are specific to paranoia or delusional ideation more broadly. Additionally, the underlying computational mechanisms require further investigation. To investigate these questions, task and self-report data were collected in 88 individuals (46 healthy (...) controls, 42 schizophrenia-spectrum) and included measures of cognitive biases and behavior on probabilistic reversal learning and explore/exploit tasks. Of those, only win-switch rate significantly differed between groups. In regression, reversal learning performance, random exploration, and poor evidence integration during BADE showed significant, independent associations with paranoia. Only self-reported JTC was associated with delusional ideation, controlling for paranoia. Computational parameters increased the proportion of variance explained in paranoia. Overall, decision-making influenced by strong volatility and variability is specifically associated with paranoia, whereas self-reported hasty decision-making is specifically associated with other themes of delusional ideation. These aspects of decision-making under uncertainty may therefore represent distinct cognitive processes that, together, have the potential to worsen delusional thinking across the psychosis spectrum. (shrink)

ABSTRACT Researchers have increasingly acknowledged that affect plays a role in ethical decision making. However, the impact that specific affective states may have on the expression of decision biases in the context of ethical dilemmas has received limited empirical attention. To address this, the present effort examined the impact of happy and sad affective states on biases in ethical decision making. In an online experiment, undergraduate students read short stories that either induced happy, sad, or (...) relaxed affective states, followed by a covert measure of three types of biases held to inhibit ethical decision making. Results demonstrated that happy affective states increased the expression of regulation biases, and sad affective states increased the expression of simplification biases, compared to relaxed affective states. Implications are discussed for advancing research on ethical decision making and reducing unethical behavior in organizations. (shrink)

We often show a greater inclination to assist and avoid harming people identified as those at high risk of great harm than to assist and avoid harming people who will suffer similar harm but are not identified (as yet). Call this the identified person bias. Some ethicists think such bias is justified; others disagree and claim that the bias is discriminatory against statistical people. While the issue is present in public policy and politics, perhaps the most notable examples can be (...) found in medical ethics such as in ICU triage decisions made during the COVID‐19 pandemic. The Rule of Rescue, as the application of the identified person bias is sometimes called, states that spending large amounts of resources rescuing identifiable individuals who are in imminent danger is justified. In this paper, I show that our distorted attitudes toward time play a role in identified person bias. I claim that ICU triage decisions are better explained by a preference to treat people sooner rather than later, which is at least partially due to near bias (positive events are to be preferred to be near rather than distant), than by a preference to treat identified lives over statistical lives. Thus, another bias, near bias, is involved in the reasoning behind the identified person bias and the Rule of Rescue. (shrink)

The present study describes the mechanism of need regulation, which accompanies the so-called “biased” decisions. We hypothesized an unconscious urge for psychological need satisfaction as the trigger for cognitive biases. In an experimental study (N = 106), participants had the opportunity to win money in a functionality test. In the test, they could either use the solution they had developed (sunk cost) or an alternative solution that offered a higher probability of winning. The selection of the sunk-cost option was (...) the most chosen option, supporting the hypothesis of this study. The reason behind the majority of participants choosing the sunk-cost option seemed to be the satisfaction of psychological needs, despite a reduced chance of winning money. An intervention, which aimed at triggering self-reflection, had no impact on the decision. The findings of this study contribute to the discussion on the reasons for cognitive biases and their formation in the human mind. Moreover, it discusses the application of the label “irrational” for biased decisions and proposes reasons for instrumental rationality, which exist at an unconscious, need-regulative level. (shrink)

In this paper we discuss how Causal Decision Theory should be modified to handle a class of problematic cases involving deterministic laws. Causal Decision Theory, as it stands, is problematically biased against your endorsing deterministic propositions (for example it tells you to deny Newtonian physics, regardless of how confident you are of its truth). Our response is that this is not a problem for Causal Decision Theory per se, but arises because of the standard method for assessing (...) the truth of certain counterfactuals. The truth of deterministic laws is `modally fragile' on the standard semantics for counterfactuals: if determinism is true and you were to do otherwise, the laws would be different. We provide two ways of avoiding this problem: 1) supplement the standard semantics for counterfactuals with impossible worlds, or 2) introduce rigid designators into the description of problematic decision situations. We argue that both of these approaches are well-motivated and can be readily incorporated into Lewisian Causal Decision Theory. (shrink)

Research into cognitive biases that impair human judgment has mostly been applied to the area of economic decision-making. Ethical decision-making has been comparatively neglected. Since ethical decisions often involve very high individual as well as collective stakes, analyzing how cognitive biases affect them can be expected to yield important results. In this theoretical article, we consider the ethical debate about cognitive enhancement and suggest a number of cognitive biases that are likely to affect moral intuitions (...) and judgments about CE: status quo bias, loss aversion, risk aversion, omission bias, scope insensitivity, nature bias, and optimistic bias. We find that there are more well-documented biases that are likely to cause irrational aversion to CE than biases in the opposite direction. This suggests that common attitudes about CE are predominantly negatively biased. Within this new perspective, we hope that subsequent research will be able to elaborate this hypothesis and develop effective de-biasing techniques that can help increase the rationality of the public CE debate and thus improve our ethical decision-making. (shrink)

Redish et al. view addictions as errors arising from the weak access points of the system of decision-making. They do not analytically distinguish between addictions, on the one hand, and errors highlighted by behavioural decision theory, such as over-confidence, representativeness heuristics, conjunction fallacy, and so on, on the other. Redish et al.'s decision-making framework may not be comprehensive enough to capture addictions.

When the side effect of an action involves moral considerations (e.g. when a chairman’s pursuit of profits harms the environment) it tends to influence theory-of-mind judgments. On average, bad side effects are judged intentional whereas good side effects are judged unintentional. In a series of two experiments, we examined the largely uninvestigated roles of individual differences in this judgment asymmetry. Experiment 1 indicated that extraversion accounted for variations in intentionality judgments, controlling for a range of other general individual differences (e.g. (...) working memory, self-control). Experiment 2 indicated that extraversion’s influence was partially mediated by more specific variations in intentional action concepts. A priming manipulation also provided causal evidence of judgment instability and bias. Results suggest that the intentional action judgment asymmetry is multiply determined, reflecting the interplay of individual differences and judgment biases. Implications and the roles of individual differences in judgment and decision-making research are discussed. (shrink)

The author reviewed the research on the impact of cognitive biases on professionals’ decision-making in four occupational areas. Two main findings emerged. First, the literature reviewed shows that a dozen of cognitive biases has an impact on professionals’ decisions in these four areas, overconfidence being the most recurrent bias. Second, the level of evidence supporting the claim that cognitive biases impact professional decision-making differs across the areas covered. Research in finance relied primarily upon secondary data (...) while research in medicine and law relied mainly upon primary data from vignette studies. Two research gaps are highlighted. The first one is a potential lack of ecological validity of the findings from vignette studies, which are numerous. The second is the neglect of individual differences in cognitive biases, which might lead to the false idea that all professionals are susceptible to biases, to the same extent. To address that issue, we suggest that reliable, specific measures of cognitive biases need to be improved or developed. (shrink)

From the seventies onward a large quantity of theoretical and empirical studies have investigated the heuristic principles and cognitive strategies that individuals use to deal with risky and uncertain situations. This research has shown how the explicative and predictive shortcomings of normative risk analysis depend in many respects on undervaluing the continuous interaction between the individual and the environment. There are factors that, day by day, represent significant obstacles to decision making.

Behavioral Finance is an evolving field that studies how psychological factors affect decision making under uncertainty. This study seeks to find the influence of certain identified behavioral financial biases on the decision-making process of investors in developing countries. This research examines the moderating effect of Information asymmetry on the two most important and commonly used cognitive biases, namely Anchoring bias and Optimism bias and decision making and investigates whether Risk perception mediates the relationship between them (...) or not. Quantitative research has been conducted using a structured questionnaire for data collection. After completing the pilot study, a questionnaire was designed and sent to investors via online channels. Data has been collected from 317 real estate investors. Mediation analysis has been performed using model 4 and moderation analysis by applying model 15 of Process Macros for the interaction effect. The study investigated that both cognitive biases have a significant positive effect on investors’ decisions and Risk perception also significantly mediates the relationship between them. Consistency with other studies suggests that Information asymmetry has a significant moderating effect. The proposed conceptual model provides insight into how investors’ decisions are influenced by behavioral biases in the real estate sector and enhances the understanding of cognitive biases in the real estate sector. This study is recommended for real estate investors and policymakers of emerging and developed countries. The current study is the first of its kind, focusing on cognitive biases on investment decisions with mediating role of Risk perception and the moderating effect of Information asymmetry. (shrink)

Cognitive biases that affect decision making may affect the decisions of citizens that influence public policy. To the extent that decisions follow principles other than maximizing utility for all, it is less likely that utility will be maximized, and the citizens will ultimately suffer the results. Here I outline some basic arguments concerning decisions by citizens, using voting as an example. I describe two types of values that may lead to sub-optimal consequences when these values influence political behavior: (...) moralistic values (which people are willing to impose on others regardless of the consequences) and protected values (PVs, values protected from trade-offs). I present evidence against the idea that voting is expressive, i.e., that voters aim to express their moral views rather than to have an effect on outcomes. I show experimentally that PVs are often moralistic. Finally, I present some data that citizens’ think of their duty in a parochial way, neglecting out-groups. I conclude that moral judgments are important determinants of citizen behavior, that these judgments are subject to biases and based on moralistic values, and that, therefore, outcomes are probably less good than they could be. (shrink)

Psychological studies have long demonstrated effects of expectations on judgment, whereby the provision of information, either implicitly or explicitly, prior to an experience or decision can exert a substantial influence on the observed behavior. This study extended these expectation effects to the domain of interactive economic decision-making. Prior to playing a commonly-used bargaining task, the Ultimatum Game, participants were primed to expect offers that would be either relatively fair or unfair. A third group played the Game without receiving (...) any prior information about expected offers. As predicted, these expectations had a large effect on decisions made by participants in the Ultimatum Game, with those with expectations of fairness rejecting significantly more unfair offers than those participants who expected low offers. Implications for models of fairness and equity are discussed. (shrink)

According to a simple form of consequentialism, we should base decisions on our judgments about their consequences for achieving our goals. Our goals give us reason to endorse consequentialism as a standard of decision making. Alternative standards invariably lead to consequences that are less good in this sense. Yet some people knowingly follow decision rules that violate consequentialism. For example, they prefer harmful omissions to less harmful acts, they favor the status quo over alternatives they would otherwise judge (...) to be belter, they provide third-party compensation on the basis of the cause of an injury rather than the benefit from the compensation, they ignore deterrent effects in decisions about punishment, and they resist coercive reforms they judge to be beneficial. I suggest that nonconsequentialist principles arise from overgeneralizing rules that are consistent with consequentialism in a limited set of cases. Commitment to such rules is detached from their original purposes. The existence of such nonconsequentialist decision biases has implications for philosophical and experimental methodology, the relation between psychology and public policy, and education. (shrink)

Conflict is an important consideration in the intensive care unit. In this setting, conflict most commonly occurs over the ‘best interests’ of the incapacitated adult patient; for instance, when families seek aggressive life-sustaining treatments, which are thought by the medical team to be potentially inappropriate. Indeed, indecision on futility of treatment and the initiation of end-of-life discussions are recognised to be among the greatest challenges of working in the ICU, leading to emotional and psychological ‘burnout’in ICU teams. When these disagreements (...) occur, they may be within the clinical team or among those close to the patient, or between the clinical team and those close to the patient. It is, therefore, crucial to have a theoretical understanding of decision-making itself, as unpicking misalignments in the family’s and clinical team’s decision-making processes may offer strategies to resolve conflict. Here, we relate Kahneman and Tversky’s work on cognitive biases and behavioural economics to the ICU environment, arguing that these biases could partly explain disparities in the decision-making processes for the two conflicting parties. We suggest that through the establishment of common ground, challenging of cognitive biases and formulation of mutually agreeable solutions, mediation may offer a pragmatic and cost-effective solution to conflict resolution. The litigation process is intrinsically adversarial and strains the doctor–patient–relative relationship. Thus an alternative external party should be considered, however mediation is not frequently used and more research is needed into its effectiveness in resolving conflicts in the ICU. (shrink)

Financial and prosocial biases in favor of attractive adults have been documented in the labor market, in social transactions in everyday life, and in studies involving experimental economic games. According to the taste-based discrimination model developed by economists, attractiveness-related financial and prosocial biases are the result of preferences or prejudices similar to those displayed toward members of a particular sex, racial, ethnic, or religious group. Other explanations proposed by economists and social psychologists maintain that attractiveness is a marker (...) of personality, intelligence, trustworthiness, professional competence, or productivity. Evolutionary psychologists have argued that attractive adults are favored because they are preferred sexual partners. Evidence that stereotypes about attractive people are causally related to financial or prosocial biases toward them is weak or nonexistent. Consistent with evolutionary explanations, biases in favor of attractive women appear to be more consistent or stronger than those in favor of attractive men, and biases are more consistently reported in interactions between opposite-sex than same-sex individuals. Evolutionary explanations also account for increased prosocial behavior in situations in which attractive individuals are simply bystanders. Finally, evolutionary explanations are consistent with the psychological, physiological, and behavioral changes that occur when individuals are exposed to potential mates, which facilitate the expression of courtship behavior and increase the probability of occurrence of mating. Therefore, multiple lines of evidence suggest that mating motives play a more important role in driving financial and prosocial biases toward attractive adults than previously recognized. (shrink)

To have enough financial literacy, an investor must be able to make intelligent investment choices, and on the other hand, the heuristic bias, the framing effect, cognitive illusions, and herd mentality are all variables that contribute to the formation of behavioral biases, also known as illogical conduct, in the decision-making process. The current research looks specifically at behavioral biases and financial literacy influence investment choices, particularly on stock market investment. For the research, a representative sample of 450 (...) individual investors was evaluated. A structured questionnaire was designed using the Likert’s scale method to elicit the research variables, and the data acquired were analyzed using the SEM method. According to the findings, there was a statistically significant link between heuristic bias and the development of behavioral bias in decision-making. Nevertheless, cognitive illusions, the herd mentality, and the framing effect all have a deleterious impact on behavioral biases. In addition, investors often adhere to heuristic biases rather than other irrational strategies when making investment judgments. Therefore, individual investors’ financial literacy level greatly influences the choices made about investments in the stock market. (shrink)

Dahlman analyzes the case with a version of Bayes’ rule that can handle dependencies. He claims that his method can help a fact finder avoid various kinds of bias in probabilistic reasoning, and he identifies occurrences of these biases in the analyzed decision. While a mathematical analysis may give a false impression of objectivity to fact finders, Dahlman claims as a benefit that it forces to make assumptions explicit, which can then be scrutinized.

In this article, I cast doubt on an apparent truism, namely, that if evidence is available for gathering and use at a negligible cost, then it’s always instrumentally rational for us to gather that evidence and use it for making decisions. Call this ‘value of information’ (VOI). I show that VOI conflicts with two other plausible theses. The first is the view that an agent’s evidence can entail non-trivial propositions about the external world. The second is the view that epistemic (...) rationality requires us to update our credences by conditionalization. These two theses, given some plausible assumptions, make room for rationally biased inquiries where VOI fails. I go on to argue that this is bad news for defenders of VOI. (shrink)

Cognitive biases that affect decision making may affect the decisions of citizens that influence public policy. To the extent that decisions follow principles other than maximizing utility for all, it is less likely that utility will be maximized, and the citizens will ultimately suffer the results. Here I outline some basic arguments concerning decisions by citizens, using voting as an example. I describe two types of values that may lead to sub-optimal consequences when these values influence political behavior: (...) moralistic values (which people are willing to impose on others regardless of the consequences) and protected values (PVs, values protected from trade-offs). I present evidence against the idea that voting is expressive, i.e., that voters aim to express their moral views rather than to have an effect on outcomes. I show experimentally that PVs are often moralistic. Finally, I present some data that citizens’ think of their duty in a parochial way, neglecting out-groups. I conclude that moral judgments are important determinants of citizen behavior, that these judgments are subject to biases and based on moralistic values, and that, therefore, outcomes are probably less good than they could be. (shrink)

Research misconduct is of growing concern within the scientific community. As a result, organizations must identify effective approaches to training for ethics in research. Previous research has suggested that biases and compensatory strategies may represent important influences on the ethical decision-making process. The present effort investigated a training intervention targeting these variables. The results of the intervention are presented, as well as a description of accompanying exercises tapping self-reflection, sensemaking, and forecasting and their differential effectiveness on transfer to (...) an ethical decision-making task. (shrink)

Shared decision-making involves health professionals and patients/clients working together to achieve true person-centred health care. However, this goal is infrequently realized, and most barriers are unknown. Discussion between philosophers, clinicians, and researchers can assist in confronting the epistemic and moral basis of health care, with benefits to all. The aim of this paper is to describe what shared decision-making is, discuss its necessary conditions, and develop a definition that can be used in practice to support excellence in maternity (...) care. Discussion between the authors, with backgrounds in philosophy, clinical maternity care, health care management, and maternity care research, assisted the team to confront established norms in maternity care and challenge the epistemic and moral basis of decision-making for caesarean section. The team concluded that shared decision-making must start in pregnancy and continue throughout labour and birth, with equality in discourse facilitated by the clinician. Clinicians have a duty of care for the adequacy of women's knowledge, which can only be fulfilled when relevant knowledge is offered freely and when personal beliefs and biases that may impinge on decision-making (defeaters) are disclosed. Informed consent is not shared decision-making. Key barriers include existing cultural norms of “the doctor knows best” and “patient acquiescence” that prevent defeaters being acknowledged and discussed and can lead to legal challenges, overuse of medical intervention and, in some areas, obstetric violence. Shared decision-making in maternity care can thus be defined as an enquiry by clinician and expectant woman aimed at deciding upon a course of care or none, which takes the form of a dialogue within which the clinician fulfils their duty of care to the client's knowledge by making available their complete knowledge (based on all types of evidence) and expertise, including an exposition of any relevant and recognized potential defeaters. Research to develop measurement tools is required. (shrink)

Certain information-seeking yes/no (yn)-questions –e.g. Did Jorge really bring a present? and Doesn’t John drink?– convey an epistemic bias of the speaker. Two main approaches to biased yn-questions are compared: the VERUM approach and the Decision Theory approach. It is argued that, while Decision Theory can formally characterize the notion of “intent” of a question, VERUM is needed to derive the data.

Previous research showed that accumulations of capital following stationary interest rates are underestimated by human judges. Hyperbolic discounting was suggested as a descriptive and explanatory model for this phenomenon. First, we investigated judged accumulated capital after a period of annual growth and decline. The degree of underestimation increased with accumulated growth and the results supported hyperbolic discounting as a descriptive model on the group level. However, the hyperbolic model did not apply to the data for one third of the participants. (...) Second, we investigated how investment decisions were related to capital accumulation before the investments and to judgments of the possible outcomes of the future investments. To our surprise, the participants’ judgments of expected future accumulated capital did not add predictive power to predictions based on whether there was growth or decline before the investment decision. Unfortunately this strategy leads to suboptimal investment decisions. (shrink)

Heuristics are efficient cognitive processes that ignore information. In contrast to the widely held view that less processing reduces accuracy, the study of heuristics shows that less information, computation, and time can in fact improve accuracy. We review the major progress made so far: the discovery of less-is-more effects; the study of the ecological rationality of heuristics, which examines in which environments a given strategy succeeds or fails, and why; an advancement from vague labels to computational models of heuristics; the (...) development of a systematic theory of heuristics that identifies their building blocks and the evolved capacities they exploit, and views the cognitive system as relying on an “adaptive toolbox;” and the development of an empirical methodology that accounts for individual differences, conducts competitive tests, and has provided evidence for people’s adaptive use of heuristics. Homo heuristicus has a biased mind and ignores part of the available information, yet a biased mind can handle uncertainty more efficiently and robustly than an unbiased mind relying on more resource-intensive and general-purpose processing strategies. (shrink)

Individual differences have been neglected in decision-making research on heuristics and cognitive biases. Addressing that issue requires having reliable measures. The author first reviewed the research on the measurement of individual differences in cognitive biases. While reliable measures of a dozen biases are currently available, our review revealed that some measures require improvement and measures of other key biases are still lacking (e.g., confirmation bias). We then conducted empirical work showing that adjustments produced a significant (...) improvement of some measures and that confirmation bias can be reliably measured. Overall, our review and findings highlight that the measurement of individual differences in cognitive biases is still in its infancy. In particular, we suggest that contextualized (in addition to generic) measures need to be improved or developed. (shrink)

Decision-making capacity is the gatekeeping element for a patient’s right to self-determination with regard to medical decisions. A DMC evaluation is not only conducted on descriptive grounds but is an inherently normative task including ethical reasoning. Therefore, it is dependent to a considerable extent on the values held by the clinicians involved in the DMC evaluation. Dealing with the question of how to reasonably support clinicians in arriving at a DMC judgment, a new tool is presented that fundamentally differs (...) from existing ones: the U-Doc. By putting greater emphasis on the judgmental process rather than on the measurement of mental abilities, the clinician as a decision-maker is brought into focus, rendering the tool more of an evaluation guide than a test instrument. In a qualitative study, the perceived benefits of and difficulties with the tool have been explored. The findings show on the one hand that the evaluation aid provides basic orientation, supports a holistic perspective on the patient, sensitizes for ethical considerations and personal biases, and helps to think through the decision, to argue, and to justify one’s judgment. On the other hand, the room for interpretation due to absent operationalisations, related ambiguities, and the confrontation with one’s own subjectivity may be experienced as unsettling. (shrink)

The study of ethical behavior and ethical decision making is of increasing importance in many fields, and there is a growing literature addressing the issue. However, research examining differences in ethical decision making across fields and levels of experience is limited. In the present study, biases that undermine ethical decision making and compensatory strategies that may aid ethical decision making were identified in a series of interviews with 63 faculty members across six academic fields and (...) three levels of rank as well as across gender. The degree to which certain biases and compensatory strategies were used in justifications for responses to ethical situations was compared across fields, level of experience, and gender. Major differences were found across fields for several biases and compensatory strategies, including biases and compensatory strategies related to use of professional field principles and field-specific guidelines. Furthermore, full professors tend to differ greatly from assistant and associate professors on a number of constructs, and there were differences in the consistency with which biases and compensatory strategies were displayed within these various groups. Implications of these findings for ethics training and future research are discussed. (shrink)

: This paper develops four related claims: 1. Critical thinking should focus more on decision making, 2. the heuristics and bias literature developed by cognitive psychologists and behavioral economists provides many insights into human irrationality which can be useful in critical thinking instruction, 3. unfortunately the “rational choice” norms used by behavioral economists to identify “biased” decision making narrowly equate rational decision making with the efficient pursuit of individual satisfaction; deviations from these norms should not be treated (...) as an irrational bias, 4. a richer, procedural theory of rational decision making should be the basis for critical thinking instruction in decision making. (shrink)

Stuart Rachels and Larry Temkin have offered a purported counter-example to the acyclicity of the relationship 'all things considered better than'. This example invokes our intuitive preferences over pairs of alternatives involving a single person's painful experiences of varying intensity and duration. These preferences, Rachels and Temkin claim, are confidently held, entirely reasonable, and cyclical. They conclude that we should drop acyclicity as a requirement of rationality. I argue that, together with the findings of recent research on the way people (...) evaluate episodes of pain, the use of a heuristic known as similarity-based decision-making explains why our intuitive preferences may violate acyclicity in this example. I argue that this explanation should lead us to regard these preferences with suspicion, because it indicates that they may be the result of one or more biases. I conclude that Rachels' and Temkin's example does not provide sufficient grounds for rejecting acyclicity. (shrink)

Although economists often model decision makers as rational actors, the heuristics and biases literature that springs from the work of Nobel Prize winner Daniel Kahneman and his late colleague Amos Tversky demonstrates that people make decisions that depart from the optimal model in systematic ways. These cognitive and behavioral limitations not only cause inefficient decision making, but also lead people to make decisions that are unethical. This article seeks to introduce a selected portion of the heuristics and (...) biases and related psychological literature, to highlight its implications for ethical decision making, and to serve as the basis for a lecture that could inform students regarding these matters. If business actors are on guard against errors in their own decision making processes, perhaps they can avoid some of the ethical pitfalls that recently put Enron and so many other companies in the news. (shrink)

Robust clinical decision-making depends on valid reasoning and sound judgment and is essential for delivering quality healthcare. It is often susceptible, however, to a clinician’s biases such as towards a patient’s age, gender, race, or socioeconomic status. Gender bias in particular has a deleterious impact, which frequently results in cognitive myopia so that a clinician is unable to make an accurate diagnosis because of a patient’s gender—especially for female patients. Virtue epistemology provides a means for confronting gender bias (...) in clinical decision-making and for correcting or even preventing its impact. The medical literature on cardiovascular and coronary heart disease is used to illustrate the role intellectual virtues can play in redressing the deleterious impact of gender bias on clinical decision-making and practice. Finally, questions are considered surrounding the pedagogy of intellectual virtues for medical students and practicing clinicians in order to provide quality care for patients, regardless of gender. (shrink)