Enhancing Insight Into Decision-Making Biases: An Experiential Learning Approach

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Keywords: Experiential learning, Decision making, Biases

Abstract: The aim of this paper is to present experiential learning exercises that equip students with insights into common decision-making traps. Comprehending these traps can encourage thorough information gathering and lead to more informed choices. Through these exercises, students step into the shoes of decision-makers, encountering three prevalent traps: overconfidence, the availability heuristic, and the anchoring trap. Specific recommendations are also provided to mitigate the impact of cognitive biases on good decision-making. These activities have been successfully implemented in diverse business courses and are frequently lauded as high-impact learning experiences. Moreover, their adaptability makes them suitable for a range of courses that cover decision-making, including strategic management, leadership, and organizational behavior.