This book assembles leading researchers who demonstrate how to apply the latest approaches to the science of decision--making from four perspectives: personal, managerial, negotiator, and consumer. Stephen J. Hoch (Philadelphia, PA) is the John J. Pomerantz Professor of Marketing at the Wharton School, University of Pennsylvania.
Perspectives from leaders in decision science at Wharton Organized in part through Whartona s Risk Management and Decision Processes Center, the book assembles leading researchers from Whartona s business faculty who demonstrate how to apply the latest approaches in decision--making from four perspectives: personal, managerial, negotiator, and consumer. Each chapter describes how decisions are actually made, presents the ideal scenario, and then provides practical suggestions for improvement. The subjects range from when consumers will choose variety, integrating intuition into decisions, and applying game theory and strategic decisions, to decision factors in negotiations and how choices are made about insurance and health care.
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STEPHEN J. HOCH is the John J. Pomerantz Professor of Marketing at the Wharton School. HOWARD C. KUNREUTHER is the Cecilia Yen Koo Professor of Decision Sciences and Public Policy and Management, and Codirector of the Risk Management and Decision Processes Center at the Wharton School. ROBERT E. GUNTHER was the coordinating writer for Wharton on Managing Emerging Technologies and Wharton on Dynamic Competitive Strategy.
Table of Contents
Chapter 1. A Complex Web of Decisions (Stephen J. Hoch and Howard C. Kunreuther). PART I. PERSONAL DECISION MAKING. Chapter 2. The Emotional Nature of Decision Trade--Offs (Mary Frances Luce, John W. Payne and James R. Bettman). Chapter 3. Bumbling Geniuses: The Power of Everyday Reasoning in Multistage Decision Making (Robert J. Meyer and J. Wesley Hutchinson). Chapter 4. Choosing Variety (Barbara E. Kahn and Andrea Morales). PART II. MANAGERIAL DECISION MAKING. Chapter 5. Combining Models with Intuition to Improve Decisions (Stephen J. Hoch). Chapter 6. Reflective versus Expedient Decision Making: Views from East and West (Karen A. Jehn and Keith Weigelt). Chapter 7. Decision Making in Complex Environments: New Tools for a New Age (Paul R. Kleindorfer). Chapter 8. Managing Frames to Make Better Decisions (Paul J.H. Schoemaker and J. Edward Russo). PART III. MULTIPARTY DECISION MAKING. Chapter 9. Strategic Learning and Teaching (Colin F. Camerer and Teck H. Ho). Chapter 10. Reputations in Negotiation (Steven Glick and Rachel Croson). Chapter 11. Deception in Negotiations (Maurice E. Schweitzer). Chapter 12. Electronic Bargaining: The Perils of E--Mail and the Promise of Computer--Assisted Negotiations (G. Richard Shell). PART IV. IMPACT OF DECISION MAKING ON SOCIETY. Chapter 13. A Change of Heart: Unexpected Responses to Medical Testing (John Hershey and David A. Asch). Chapter 14. Values and Decisions (J Irwin and Jonathan Baron). Chapter 15. Protective Decisions: Fear or Prudence (Howard C. Kunreuther). Chapter 16. Learners or Lemmings: The Nature of Information Cascades (Felix Oberholzer--Gee). Chapter 17. Split Personality: Inconsistencies in Private and Public Decisions (Mark V. Pauly). Notes. Index.
Wharton on Making Decisions by Stephen J. Hoch
Stephen J. Hoch
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