#99 Hal Arkes: Biases, Heuritics, and Decision-Making
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:
Experts also fall for biases and heuristics
The bias blind spot, or thinking that you’re immune to your own biases
The hindsight bias
The outcome bias
About Overconfidence
When do nonexperts outperform experts?
The familiarity effect
The availability heuristic
The sunk cost fallacy
How to group biases and heuristics
How to help people make better decisions
Follow Dr. Arkes’ work!
Follow Dr. Arkes’ work:
Faculty page: https://psychology.osu.edu/people/arkes.1
Articles on Researchgate: https://www.researchgate.net/profile/Hal_Arkes