Our brains our geared to make and identify patterns. From the moment we are born, we learn to recognise simple patterns such as crying leads to being fed. As children, we learn that good behaviour earns rewards. By the time we are adults, we have learned to rely on these complex patterns to help us do everything from the simplest actions like choosing what to wear in the morning, to making complex decisions about what kind of health insurance is the best policy.
This semester in Research and Decision-Making we’ve been studying the different mechanisms involved in the decision-making process along with a range of biases that can assist with making effective judgements; however there are many challenges and pitfalls to be aware of.
Having too much information.
Anchoring and adjustment while shopping.
Sometimes there just isn't enough information.
Current student in the Master of Marketing program at the University of Sydney Business School.