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The Price of Fish: A New Approach to Wicked Economics and Better Decisions by Ian Harris, Michael Mainelli

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2 HOW DECISIONS GET MADEWHEN YOU HAVE TOO MUCH CHOICE

We start our journey down the four streams of knowledge by thinking about how we can make better decisions, as individuals and as groups. People like to think that they are rational, but you have to look well beyond economic rationality to explain many of the decisions people make. Does modern society sometimes present us with too much choice and is that choice sometimes merely pseudo-choice rather than genuine choice? Procurement processes for businesses and governments can easily become “tender traps,” so that it is difficult to make wise choices. This chapter describes these phenomena and explains how decisions get made in our choice-laden world.

Consider the following two scenarios, each ...

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