{"id":225,"date":"2014-08-31T13:27:57","date_gmt":"2014-08-31T20:27:57","guid":{"rendered":"http:\/\/optimalag.net\/riskblog\/?p=225"},"modified":"2023-09-11T13:08:03","modified_gmt":"2023-09-11T20:08:03","slug":"a-case-for-random-choices-in-decision-making","status":"publish","type":"post","link":"https:\/\/optimalag.net\/riskblog\/a-case-for-random-choices-in-decision-making\/","title":{"rendered":"A Case for Random Choices in Decision-Making"},"content":{"rendered":"<div class=\"fbconnect_head_share\"><fb:like layout=\"button_count\" href=\"https:\/\/optimalag.net\/riskblog\/a-case-for-random-choices-in-decision-making\/\"><\/fb:like><\/div><p>I just read an interesting article by Michael Schulson called &#8220;How to Choose?&#8221; and subtitled &#8220;When your reasons are worse\u00a0than useless, sometimes the most rational choice is a random stab in the dark.&#8221;<\/p>\n<p>This article raises a lot of interesting points about making choices with a false sense of reason and raises the prospect that perhaps random selection is not used enough in our society. By default, random selection leads to more diversity in decision choices and diversification is arguably the number one tool to use in addressing risk and uncertainty. Mr. Schulson didn&#8217;t come out and say it this way in his article but I would also argue that overconfidence bias is a big reason people make bad decision choices in the presence of risk and uncertainty. This is essentially talked about in Schulson&#8217;s article as faulty reasoning or using bad reasons to justify decisions. The effects are essentially the same. Replacing this behavior with random selection makes sense in many cases with the proper controls in place to ensure good reasoning is not ignored.<\/p>\n<p>This entertaining article can be read in it&#8217;s entirety at the following URL (accessed Aug 31, 2014):<\/p>\n<p><a title=\"How to Choose?\" href=\"http:\/\/aeon.co\/magazine\/philosophy\/is-the-most-rational-choice-the-random-one\/?utm_content=7650503&amp;utm_medium=social&amp;utm_source=linkedin\" target=\"_blank\" rel=\"noopener\">How to Choose?<\/a><\/p>\n<p>&nbsp;<\/p>\n<div class=\"fbconnect_share\"><fb:like href=\"https:\/\/optimalag.net\/riskblog\/a-case-for-random-choices-in-decision-making\/\" ><\/fb:like><\/div>","protected":false},"excerpt":{"rendered":"<p>I just read an interesting article by Michael Schulson called &#8220;How to Choose?&#8221; and subtitled &#8220;When your reasons are worse\u00a0than useless, sometimes the most rational choice is a random stab in the dark.&#8221; This article raises a lot of interesting &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"more-link\" href=\"https:\/\/optimalag.net\/riskblog\/a-case-for-random-choices-in-decision-making\/\"> <span class=\"screen-reader-text\">A Case for Random Choices in Decision-Making<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A Case for Random Choices in Decision-Making - Become a Certified ISO 31000 Risk Management Professional<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/optimalag.net\/riskblog\/a-case-for-random-choices-in-decision-making\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Case for Random Choices in Decision-Making - Become a Certified ISO 31000 Risk Management Professional\" \/>\n<meta property=\"og:description\" content=\"I just read an interesting article by Michael Schulson called &#8220;How to Choose?&#8221; and subtitled &#8220;When your reasons are worse\u00a0than useless, sometimes the most rational choice is a random stab in the dark.&#8221; This article raises a lot of interesting &hellip; A Case for Random Choices in Decision-Making Read More &raquo;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/optimalag.net\/riskblog\/a-case-for-random-choices-in-decision-making\/\" \/>\n<meta property=\"og:site_name\" content=\"Become a Certified ISO 31000 Risk Management Professional\" \/>\n<meta property=\"article:published_time\" content=\"2014-08-31T20:27:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-11T20:08:03+00:00\" \/>\n<meta name=\"author\" content=\"jparsons\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"jparsons\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/optimalag.net\/riskblog\/a-case-for-random-choices-in-decision-making\/\",\"url\":\"https:\/\/optimalag.net\/riskblog\/a-case-for-random-choices-in-decision-making\/\",\"name\":\"A Case for Random Choices in Decision-Making - Become a Certified ISO 31000 Risk Management Professional\",\"isPartOf\":{\"@id\":\"https:\/\/optimalag.net\/riskblog\/#website\"},\"datePublished\":\"2014-08-31T20:27:57+00:00\",\"dateModified\":\"2023-09-11T20:08:03+00:00\",\"author\":{\"@id\":\"https:\/\/optimalag.net\/riskblog\/#\/schema\/person\/1e660b7f876d07014eb92d7ea20be154\"},\"breadcrumb\":{\"@id\":\"https:\/\/optimalag.net\/riskblog\/a-case-for-random-choices-in-decision-making\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/optimalag.net\/riskblog\/a-case-for-random-choices-in-decision-making\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/optimalag.net\/riskblog\/a-case-for-random-choices-in-decision-making\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/optimalag.net\/riskblog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"A Case for Random Choices in Decision-Making\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/optimalag.net\/riskblog\/#website\",\"url\":\"https:\/\/optimalag.net\/riskblog\/\",\"name\":\"Become a Certified ISO 31000 Risk Management Professional\",\"description\":\"Seeking Optimal Risk Management Solutoins\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/optimalag.net\/riskblog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/optimalag.net\/riskblog\/#\/schema\/person\/1e660b7f876d07014eb92d7ea20be154\",\"name\":\"jparsons\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/optimalag.net\/riskblog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/c1358b803a59b7d0d243897874ea340d?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/c1358b803a59b7d0d243897874ea340d?s=96&d=mm&r=g\",\"caption\":\"jparsons\"},\"url\":\"https:\/\/optimalag.net\/riskblog\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"A Case for Random Choices in Decision-Making - Become a Certified ISO 31000 Risk Management Professional","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/optimalag.net\/riskblog\/a-case-for-random-choices-in-decision-making\/","og_locale":"en_US","og_type":"article","og_title":"A Case for Random Choices in Decision-Making - Become a Certified ISO 31000 Risk Management Professional","og_description":"I just read an interesting article by Michael Schulson called &#8220;How to Choose?&#8221; and subtitled &#8220;When your reasons are worse\u00a0than useless, sometimes the most rational choice is a random stab in the dark.&#8221; This article raises a lot of interesting &hellip; A Case for Random Choices in Decision-Making Read More &raquo;","og_url":"https:\/\/optimalag.net\/riskblog\/a-case-for-random-choices-in-decision-making\/","og_site_name":"Become a Certified ISO 31000 Risk Management Professional","article_published_time":"2014-08-31T20:27:57+00:00","article_modified_time":"2023-09-11T20:08:03+00:00","author":"jparsons","twitter_card":"summary_large_image","twitter_misc":{"Written by":"jparsons","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/optimalag.net\/riskblog\/a-case-for-random-choices-in-decision-making\/","url":"https:\/\/optimalag.net\/riskblog\/a-case-for-random-choices-in-decision-making\/","name":"A Case for Random Choices in Decision-Making - Become a Certified ISO 31000 Risk Management Professional","isPartOf":{"@id":"https:\/\/optimalag.net\/riskblog\/#website"},"datePublished":"2014-08-31T20:27:57+00:00","dateModified":"2023-09-11T20:08:03+00:00","author":{"@id":"https:\/\/optimalag.net\/riskblog\/#\/schema\/person\/1e660b7f876d07014eb92d7ea20be154"},"breadcrumb":{"@id":"https:\/\/optimalag.net\/riskblog\/a-case-for-random-choices-in-decision-making\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/optimalag.net\/riskblog\/a-case-for-random-choices-in-decision-making\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/optimalag.net\/riskblog\/a-case-for-random-choices-in-decision-making\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/optimalag.net\/riskblog\/"},{"@type":"ListItem","position":2,"name":"A Case for Random Choices in Decision-Making"}]},{"@type":"WebSite","@id":"https:\/\/optimalag.net\/riskblog\/#website","url":"https:\/\/optimalag.net\/riskblog\/","name":"Become a Certified ISO 31000 Risk Management Professional","description":"Seeking Optimal Risk Management Solutoins","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/optimalag.net\/riskblog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/optimalag.net\/riskblog\/#\/schema\/person\/1e660b7f876d07014eb92d7ea20be154","name":"jparsons","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/optimalag.net\/riskblog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/c1358b803a59b7d0d243897874ea340d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c1358b803a59b7d0d243897874ea340d?s=96&d=mm&r=g","caption":"jparsons"},"url":"https:\/\/optimalag.net\/riskblog\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/optimalag.net\/riskblog\/wp-json\/wp\/v2\/posts\/225"}],"collection":[{"href":"https:\/\/optimalag.net\/riskblog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/optimalag.net\/riskblog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/optimalag.net\/riskblog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/optimalag.net\/riskblog\/wp-json\/wp\/v2\/comments?post=225"}],"version-history":[{"count":2,"href":"https:\/\/optimalag.net\/riskblog\/wp-json\/wp\/v2\/posts\/225\/revisions"}],"predecessor-version":[{"id":360,"href":"https:\/\/optimalag.net\/riskblog\/wp-json\/wp\/v2\/posts\/225\/revisions\/360"}],"wp:attachment":[{"href":"https:\/\/optimalag.net\/riskblog\/wp-json\/wp\/v2\/media?parent=225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/optimalag.net\/riskblog\/wp-json\/wp\/v2\/categories?post=225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/optimalag.net\/riskblog\/wp-json\/wp\/v2\/tags?post=225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}