Thursday, August 03, 2006

Deceived by Gut Feeling

If you like the mechanics of decision making - and negotiations - be sure to read this essay from Max H. Bazerman and Deepak Malhotra of the Harvard Business School on when not to trust intuition. An excerpt:

To explain why individuals don't always think rationally and logically, Keith Stanovich of the University of Toronto and Richard F. West of James Madison University have distinguished between what they call System 1 and System 2 thought. System 1 thought describes our intuition: quick, automatic, effortless, and influenced by emotion. By comparison, System 2 thought is slower, more conscious, effortful, and logical. When you are carefully considering options, you are using System 2 thinking. When you are simply acting on intuition, you are using System 1 thinking. We can all think of instances in which we acted rashly, relying on System 1 thoughts and emotions, as well as times when we carefully evaluated a situation using System 2 logic.

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