Show Links: Recommended Resources:įaculty Profile at Columbia Business School So there's always:Is education the most effective way of doing things? At the same time, I think the notion of defaults is a really simple thing to teach. Not just in the kinds of places that you and I teach, but even in grammar school, if you're teaching about Choice Architecture, which I think you should, you're doing less on other subjects. Is education the key to regulating choice architecture?Ĥ4:07: Education helps, but it can't be the entire solution, and it's very expensive. You make the right behavior very easy and reduce the barriers to entry.

And that's super helpful.Ĥ1:16: Fluency is the way you get around present bias. So in many domains, I may not know what you exactly want, but I can tell you what you need to find and see if you can find it. I called this the decision simulator approach. Can you pick the right health insurance? So I know what you should be doing in that case. Now, one thing I can do is I can say: You have three kids, they go to the doctor this number of times. That is, we know a cockpit has a good design because you can land at SFO, you can land at Charles de Gaulle, under different conditions if you do the right thing. How do you know whether someone's made a good decision?ĥ3:11: One thing you can do is create the equivalent of a flight simulator. His research examines the interface between Behavioral Decision Research, Economics and the decisions made by consumers, managers, and their implications for public policy, markets and marketing.Įric and Greg analyze choice architecture from many angles in this episode, as well as touching on menu science, the problem with alphabetizing, and the impacts of good choice architecture on education. How do we overcome the common faults in our decision-making and enable better choices in any situation? This question and more are answered in our guests latest book, 'The Elements of Choice: Why the Way We Decide Matters.'Įric Johnson is a faculty member at the Columbia Business School at Columbia University where he is the inaugural holder of the Norman Eig Chair of Business, and Director of the Center for Decision Sciences.

We’re influenced by subtle aspects of the way the choice is presented that often make the difference between a good decision and a bad one. Every time we make a choice, our minds go through an elaborate process most of us never even notice.

Eric johnson the elements of choice