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    Models of Decision Making: rational vs irrational

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    Please help with the following problem.

    Identify a decision (past or present) that was once considered a "rational" but is now being reviewed as "irrational".

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    Solution Preview

    This is an interesting question because we might think that decisions, particularly business decisions, have largely moved from irrational to rational. The basis for that concept could be that we are more informed about subjects which require decisions. In business, for example, we have data, lots of data. We have exposure to transparency in many aspects of our lives which was not available a generation ago.

    For example, we can compare prices of goods on the internet; we can study financial data on Yahoo Finance; we can 'Google' just about anything we want to know. With all ...

    Solution Summary

    The solution includes a discussion about types of business and personal decisions that may have changed from irrational to rational including reasons for the changes. There are a number of examples in the solution plus a brief reference to Malcolm Gladwell's book, Blink. The explanation is given in 382 words.