Humble Decision-Making Theory

Abstract

Behavioural economics provides unusually robust data that show that people have hardwired, systematic cognitive biases that greatly limit their intellectual capabilities. From these observations follows a set of general guidelines for decision-making – humble decision-making theory – that if widely adopted may prevent decision-makers of all types from erring, encourage wiser decisions, and enhance overall contentment by helping those making and affected by decisions to moderate their expectations.

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