One of the
largest determinants of success is the decisions we make in life. Every day we
are faced with decisions, from deciding what color tie to wear to the meeting
to deciding whether to circle a or b on the last test question. I believe some
people underestimate the impact of everyday small decisions. If people could
evaluate their own decision-making process, identify the flaws, and change it
if necessary, they would be more likely to be successful. Too many people fail
to realize the degree to which the decision making process impacts the likelihood
of choosing the best option. I believe game-theory(as well as other the other
decision making strategies taught in economics) is a concept that is very
underutilized by people. Game theory is a decision-making strategy that turns a
simple decision into a game, and the person evaluates the consequences of each
of the options. I believe there are large potential gains available from
learning game theory. If you can master everyday decision-making, wouldn't you
be far more likely to be successful?
There was an interesting book written on choice and how we make them by author Barry Schwartz called The Paradox of Choice. One thing he stated was that people have an easier time choosing when they have fewer choices. Certainly by knowing this you could manipulate yourself by consciously limiting your choices.
ReplyDeleteBarry was on the Colbert Report here: http://www.colbertnation.com/the-colbert-report-videos/265499/march-04-2010/barry-schwartz
I'd be interested to hear your opinion of what he had to say and how this may or may not work with game theory.