“The capacity of the human mind for formulating and solving complex problems is very small compared with the size of the problems whose solution is required for objectively rational behavior in the real world—or even for a reasonable approximation to such objective rationality”.
Discuss Simon’s quote in reference to a critical examination of four discrete concepts (covered in this course) that may explain bias in decisions.
Describe a specific decision making scenario applicable to each of the four concepts examined in You may use four different scenarios here (one for each concept), one general scenario or anything in between.
(1) How bias is recognised or identified in the scenario,
(2) Methods by which bias may be measured or evaluated in the scenario,
(3) Strategies to address, ameliorate or overcome bias in the scenario,
(4) How this process may improve decision outcomes in the scenario.
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