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The economic crisis of 2008-2009 was a transformationalevent: it demonstrated that smart people aren't as smart as theyand the public think. The crisis arose because a lot of highlyeducated people in high-impact positions-- political powerbrokers, business leaders, and large segments of the generalpublic--made a lot of bad decisions despite unprecedentedaccess to data, highly sophisticated decision support systems,methodological advances in the decision sciences, and guidance fromhighly experienced experts. How could we get things so wrong? Theanswer, says J. Davidson Frame in Framing Decisions: DecisionMaking That Accounts for Irrationality, People, andConstraints, is that traditional processes do not account forthe three critical immeasurable elements highlighted in the book'ssubtitle-- irrationality, people, and constraints.
Frame argues that decision-makers need to move beyond theirsingle-minded focus on rational and optimal solutions as preachedby the traditional paradigm. They must accommodate a decision'ssocial space and address the realities of dissimulation,incompetence, legacy, greed, peer pressure, and conflict. In thefinal analysis, when making decisions of consequence, they shouldfocus on people - both as individuals and in groups.
Framing Decisions offers a new approach to decisionmaking that gets decision-makers to put people and social contextat the heart of the decision process. It offers guidance on how tomake decisions in a real world filled with real people seeking realsolutions to their problems.