Wharton on Making Decisions

Features

• Cover Type: Paperback with 352 pages
• Published by: Wiley August 20, 2004
• Written in: English
• ISBN 10 Number: 0471689386
• ISBN 13 Number: 978-0471689386
• Book Dimensions: 9 x 5.9 x 1 inches
• Weighs: 14.4 ounces

Product Review
one of the best business books of 2001 (getAbstract, 15 January 2002) --This text refers to the Hardcover edition.

Product Description
Perspectives from leaders in decision science at Wharton
Organized in part through Wharton's Risk Management and Decision Processes Center, the book assembles leading researchers from Wharton'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.

Reader Reviews
This review is from: Wharton on Making Decisions (Hardcover) Both editors are Professor at the Wharton School, University of Pennsylvania, which is one of the highest-ranked business schools in the world. Stephen J. Hoch is Professor of Marketing, while Howard C. Kunreuther is Professor of Decision Sciences and Public Policy and Management. Robert E. Gunther serves as coordinating writer. The book is split up in 4 parts, with each part consisting 3-to-5 standalone chapters. Chapter 1 - A Complex Web of Decisions serves as an introduction to the book, explaining that we make a wide range of decisions every day. It starts with a very strong point: "Most of us do not make great decisions, and few of us are aware of this fact." However, through the different chapters in this book the editors hope to improve our awareness of the intricacies of the decision-making process. "We examine how people should make decisions according to the models, how they actually behave, and how they can improve their decision making." The set-up of the book is that we look at decision making from various levels, from an individual/detailed level to a very broad level. In Part I - Personal Decision Making, consisting of 3 chapters, the authors look at individual decision making. These decisions are often influenced by emotions, intuitions, and a focus on present versus future consequences. "How do these factors influence decision making? How can we use these personal assets and foibles to make better decisions?" Understanding these factors should allow us to improve our personal decision making. The second part, Managerial Decision Making, consisting of 4 chapters, focuses on the managerial decision-making process. "We may be more concerned in this role with using models to set up decision processes in our organization, balancing speed and reflection, dealing with complexity and reframing questions to break out of traditional mind-sets." This part provides us with a variety of tools and perspectives that can help our decision making with an interesting chapter on the differences in Eastern and Western decision making, but also a very strong one on framing of decisions. Part III - Multiparty Decision Making moves from a single manager to the next level of complexity - interactions among several managers in negotiations across multiple periods. It discusses critical issues at this level. This part, in particular, shines new light on a number of decision making issues. It provides a link with game theory (the field of strategy making), reputation, negotiations, and the impact of modern communications technologies on negotiations. The final and broadest perspective is discussed in Part IV - Impact of Decision Making on Society. Decisions on this level involve a mix of personal and collective values and reflect quirks in how we prepare for high-impact, low-risk events. And there are some amazing conclusions in this part, whereby we sometimes follow the crowd in the wrong direction and the different approaches between our public and private decisions. Although this book is named 'Wharton on Making Decisions', there are various chapters by specialists from other academic institutions. Each chapter is an excellent piece of work and can be read on a stand-alone basis. However, as a collection it enables us to improve our understanding of the decision making process on different levels, which should enable us to make better decisions, which, in turn, should result in outstanding outcomes. The insights are based on the latest research in this field (this book was initially published in 2001). Please note that the book is written in somewhat academical language.