Bayesian Investor Blog

Ramblings of a somewhat libertarian stock market speculator

Value-Focused Thinking

Posted by Peter on October 21, 2014
Posted in: Book Reviews, The Human Mind. Tagged: bias.

Book review: Value-Focused Thinking: A Path to Creative Decisionmaking, by Ralph L. Keeney.

This book argues for focusing on values (goals/objectives) when making decisions, as opposed to the more usual alternative-focused decisionmaking.

The basic idea seems good. Alternative-focused thinking draws our attention away from our values and discourages us from creatively generating new possibilities to choose from. It tends to have us frame decisions as responses to problems, which leads us to associate decisions with undesirable emotions, when we could view decisions as opportunities.

A good deal of the book describes examples of good decisionmaking, but those rarely provide insight into how to avoid common mistakes or to do unusually well.

Occasionally the book switches to some dull math, without clear explanations of what benefit the rigor provides.

The book also includes good descriptions of how to measure the things that matter, but How to Measure Anything by Douglas Hubbard does that much better.

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