Decision-making becomes most important in times of crisis, and this certainly is one of those times. But it also becomes more challenging, too, during periods of stress and most difficult when future outcomes are uncertain — which describes the current period as well.
One reason is because cognitive decision biases are likely to appear in highly changeable, high-stress environments, influencing decisions in damaging ways.The field of behavioral economics, led by social psychologists Daniel Kahneman and Amos Tversky, has identified a number of cognitive biases that affect decision-making — usually in a negative way. There is no definitive list of such biases, but Wikipedia lists 124 decision-oriented biases.
. It’s sobering to note all the ways in which human brains distort decision processes; perhaps it’s a wonder that any good decision is ever made.