#99 Hal Arkes: Biases, Heuritics, and Decision-Making

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Dr. Hal Arkes is Emeritus Professor of Psychology at Ohio State University. His research focuses primarily on areas like judgement/decision-making, medical decision-making, and economic decision making. He’s received several honors and awards over the years, such as President of the Society for Judgment and Decision Making (1996-1997); Elected "Fellow" of the American Psychological Society in 1997; College of Arts & Sciences Outstanding Teacher Award (Ohio University) in 1987; and Provost's Teaching Recognition Award (Ohio University) in 1989 and 1990.

In this episode, we talk about some of the main cognitive biases and heuristics (mental short-cuts) that affect decision-making, and particularly when applied to experts and professionals. Topics include: how everyone falls for biases; the bias blind spot; the hindsight bias; the outcome bias; being overconfident; situations where nonexperts perform better than experts; the familiarity effect; the availability heuristic; the sunk cost fallacy; and how to help people and experts make better decisions.

Time Links:

00:59 Experts also fall for biases and heuristics

04:26 The bias blind spot, or thinking that you’re immune to your own biases         

05:44 The hindsight bias    

08:27 The outcome bias  

10:07 About Overconfidence   

12:29 When do nonexperts outperform experts?     

14:15 The familiarity effect 

15:37 The availability heuristic

17:19 The sunk cost fallacy

20:50 How to group biases and heuristics

23:51 How to help people make better decisions

30:49 Follow Dr. Arkes’ work!

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Follow Dr. Arkes’ work:

Faculty page: https://psychology.osu.edu/people/arkes.1

Articles on Researchgate: https://www.researchgate.net/profile/Hal_Arkes

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A HUGE THANK YOU TO MY PATRONS: KARIN LIETZCKE, ANN BLANCHETTE, JUNOS, SCIMED, PER HELGE HAAKSTD LARSEN, LAU GUERREIRO, RUI BELEZA, MIGUEL ESTRADA, ANTÓNIO CUNHA, CHANTEL GELINAS, JIM FRANK, JERRY MULLER, FRANCIS FORD, AND HANS FREDRIK SUNDE!

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https://youtu.be/efdb18WdZUo

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