Category Archives: decision making

The Risk and Reward Principle

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This past spring I decide to buy a boat. I had never owned a boat before and literally knew very little about how to operate one. I didn't know the bow from the stern and the hundreds of other things that a boat owner needs to know. I did however have a goal - to spend more time with my family. After talking to many other boat owners, I felt that boating offered a great way to spend time while enjoying the outdoors. I began my research and ended up purchasing a great boat for a family that offers the ability to stay overnight (camping in the water). My kids were all thrilled, my wife was happy - I was good to go. The day came to take the boat out for the first time. The dealer who sold me Read more [...]
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Are You “Predictably Irrational”?

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I just completed by 6th book of the year (I know, I should be at 14 by now to hit my goal, so I’ve got to get moving), “Predictably Irrational” by Dan Ariely. This book is chock full of examples from experiments Dan and his colleagues performed to illustrate how all of us make irrational decisions. It’s titled “predictably” irrational since Ariely is able to draw conclusions from these experiments and confirm them with follow-on studies (typically performed in university settings). There are soooo many take-ways from the book so I’ll just highlight one here. In chapter 9 of his book, Ariely focuses on why multiple options can distract us from our main objective. All Read more [...]
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