Think twice before you go with your intuition, behavioral management experts say. When making high-stakes decisions such as hiring a prospective employee or expanding a business, “most of us tend to be overconfident in our estimates, [making it] important to allow for risk and uncertainty,” write business professors Jack Soll, Katherine Milkman and John Payne.
Of course, it can be useful to rely on what experts call System 1 thinking, or automatic judgments from our intuitions, but the danger comes when we depend too heavily on System 1 at the expense of logical and rational reasoning. So how do you outsmart your own biases? Read the tips by Soll, Milkman and Payne here.