No matter which decision-making model you use, it’s important to know and avoid the decision-making traps that exist. Daniel Kahnemann (another Nobel prize winner) and Amos Tversky spent decades studying how people make decisions. They found that individuals and groups are at risk of these challenges to effective decision making: Overconfidence Bias Overconfidence bias occurs when individuals overestimate their ability to predict future events. Many people exhibit signs of overconfidence. Read More