Framework
Hidden traps in decision making
The question it answers
Before a manager commits to an important decision, which psychological traps, such as anchoring, sunk costs or confirming evidence, might be distorting their judgement, and how can they spot them?
- Origin
- Hammond, Keeney and Raiffa, 1998
- Diagram type
- Hub diagram
- Level of analysis
- Individual
Diagram
Hidden traps in decision making
One decision
Anchoring: the first number dominates
Status quo: reluctance to act
Sunk cost: defending past choices
Confirming evidence: seeking only support
Framing: wording changes the choice
Estimating: overconfidence, prudence, recallability
Sources
References
Listed A–Z by author surname, Harvard style. A source with a DOI links to https://doi.org/…; one without links to its page or says plainly that it has no DOI.
- Hammond, J.S., Keeney, R.L. and Raiffa, H. (1998) ‘The hidden traps in decision making’, Harvard Business Review, 76(5).No DOIhbr.orgSource page