Innovating is making decisions in uncertaintyIs this innovative idea worth following? Our struggle to stay rationalMaking such a decision may sound basic; it actually is one of the greater challenges we face when we innovate. What Thaler wants to correct by “nudging” are errors created by our ways of evaluating and making decisions. While accelerating our decision making, these heuristics may bias it, possibly leading us down the wrong track without us taking notice. These deviations from a purely rational decision, cognitive biases, are a danger to us and our businesses as we may lose the sovereignty over our own decisions.

Source: Manila Times December 13, 2017 17:48 UTC