Comments on: Blunder: Why Smart People Make Bad Decisions

By: Excessive punishments and game theory - Mind Your Decisions

Excessive punishments and game theory - Mind Your Decisions — Mon, 15 Mar 2010 23:45:54 +0000

[...] This example might seem trivial, but it is illustrative. The same type of logic happens with enemy soldiers who face excessive punishment and interrogation, as discussed briefly in Zachary Shore’s nice book Blunder: Why Smart People Make Bad Decisions. [...]

By: Weekly Wisdom Roundup #11 | Simoleon Sense

Weekly Wisdom Roundup #11 | Simoleon Sense — Mon, 19 Jan 2009 01:26:10 +0000

[...] 5. Blunder: Why Smart People Make Bad Decisions – Via Mind Your Decisions – It was at Stanford that I truly understood that smart people blunder just like everyone else. To be honest, the realization came as something of a surprise during my freshman year. I was stunned how people much smarter than me were making bad decisions. There was the person that set off the fire alarms the night before finals by overcooking popcorn. And then there was this guy that injured himself from excessive celebration after a ping pong game (he’s never going to live that one down). But perhaps the ultimate story was this woman who ordered one of those “as seen on TV” ab machines-the kind that uses electric stimulation to build muscle passively. She failed to follow directions, and within the first week of use, she burned her stomach. [...]

By: Presh Talwalkar

Presh Talwalkar — Fri, 09 Jan 2009 21:58:34 +0000

Good question. Off the top of my head my all time favorite is Influence: The Psychology of Persuasion by Cialdini. I read this book in 2001 but I still refer back to it over and over again...It introduced me to so many ideas and made me aware of tricks that marketers use on us. I also liked The Paradox of Choice (choice can be bad) but I have rethought the subject since reading The Long Tail (all about giving more, more, more!). The Long Tail also has the best explanation of the Pareto principle--it's a statistical outcome though it is often misinterpreted as a decision tool to focus on the "most profitable" customers. I found Blink by Gladwell to be highly entertaining but like Blunder it was about stories and not practical recommendations. And I also like The Black Swan and Fooled by Randomness as critiques of the mainstream risk and investment advice (these books rejuvenated my skepticism).

By: Jeremy

Jeremy — Fri, 09 Jan 2009 17:36:30 +0000

“So while the book isn’t the best book I’ve read on decision-making…”

Would you care to share the best one(s)? I really enjoyed The Paradox of Choice and Stumbling on Happiness (not explicitly about choice, but certainly related)…but I haven’t read many others. I’d love to see a little reading list with a few notes on what you found helpful in each.