General Meeting: SHOULD YOU TRUST YOUR GUT? - HUMAN PSYCHOLOGICAL WEAKNESSES WHEN MAKING DECISIONS IN THE FACE OF UNCERTAINTY
Evolution has prepared human beings very poorly for making decisions in an uncertain business environment. Humans – and some other primates – are frequently illogical when comparing economic alternatives. How a problem is framed can make a huge difference in the decisions people make, even when the economic outcomes are identical. Most people are risk-averse when considering potential gains, but risk-seeking when faced with potential losses (the “double-or-nothing” effect), leading to sub-optimal portfolios of assets and projects.
Decisions often set off a conflict between the region of one’s brain that deals with logical reasoning and a more visceral, emotional region – but when the emotional part is incapcitated, we become horribly indecisive. There is no magic formula for overcoming these weaknesses, but being aware of them is a necessary first step. This presentation is a brief tour of human psychological weaknesses when making decisions in the face of uncertainty – and the implications for managers and employees.
SMOKED CHICKEN PASTA
CHOCOLATE ICE CREAM PECAN BALL
If you have special dietary needs (diabetic, religious, allergies, etc.) please include a note of your meal needs during the on-line registration process in the box labeled "Optional comments for the event planner".
Valet parking is available at the ExxonMobil Building for $7.00 (on the Leeland Street side of the building). You may also park in the public parking lots around the ExxonMobil Building for fees that are generally in the $5 - $7 range.
PETROLEUM CLUB OF HOUSTON
800 BELL STREET
HOUSTON , TEXAS 77002