Irrational and Rational Thinking and Judgment in Management

Being a successful manager/executive requires a rational mind. However, no matter how smart a person is, there is always a limit in his/her mental capacity. In addition, people are generally very economical in using their mental resources. Because of these limits, people are often subject to irrational errors and biases in their thinking and judgment. Obviously, the more a manager/an executive is aware of these errors and biases in thinking and judgment, the more he/she is able to avoid the traps in problem solving and decision making.

This is a course with an in-depth discussion on the nature of human thinking and judgment. The overall emphasis of this course will be on illustrating errors and biases in thinking and judgment and their managerial implications. In other words, the class is designed to give you a “rational mind” and the understanding of this mind. The concepts we will discuss are keys to remove the obstacles in thinking, solving problems, and making decisions. Topics that we will focus on including Common Biases, Experts and Novices, Heuristics, Judgment under Uncertainty, Irrational Escalation of Commitment, and the Psychology of Delaying Decisions.

Faculty: Prof. Ellick K. F. Wong

Course Date & Time

Wednesdays, 18:30 - 21:50 (Hong Kong Time)