Framed! : Solve an Intriguing Mystery and Master How to Make Smart Choices

In this unique book, Dr. Hari Singh—a noted business professor—uses an engrossing fictional setting to make the concepts of decision-making interesting and easy-to-absorb. The book consists of 20 chapters in which a murder mystery unfolds. You’ll learn the importance of using both your mind and your heart or intuition in making decisions. The foundation of the novel consists of seven critical concepts that are introduced and applied in the mystery: • Framing or conceptualizing the issue creatively
• Anchoring or relying on reference points
• Cause and effect
• Taste for risk preference and the role of chance
• Negotiation and the importance of trust
• Evaluating decisions by a process
• Tracking relevant feedback A fresh, new approach to decision-making Framed! presents key concepts of critical importance in a refreshing and meaningful way—including thinking outside a conventional frame, proactively seeking feedback about your decisions, avoiding post-decision regret and facing up to your mistakes and biases. The book draws extensively on the rich and diverse literature available on decision-making spanning psychology, economics and the management sciences. The thought-provoking quotations at the beginning of each chapter set the stage for the discussions to follow. Helpful resources include a glossary of terms, a conceptual overview and references. In addition, key questions at the end of the book challenge readers to reflect on their own decision-making process, such as: • Do you normally gravitate to your own comfort level of risk?
• How would you effectively employ anchors to improve your negotiations about a salary raise?
• When would you decide to reframe an issue?
• Consider a specific problem you are confronting today—what is the timetable for seeking a solution?
• Do you aggressively and proactively seek feedback about your decisions?
• Using the gift of hindsight, identify three major mistakes you’ve made and how you would have done things differently if you had to make a choice again. Core messages: • Framing is the most important part of the decision-making process.
• Actively look for disconfirming evidence, think outside your conventional boundaries and challenge your presumptions.
• Our thinking process tries to simplify things by latching on to anchors. Ignore anchors that are not relevant to the issues.
• Causation shouldn’t be confused with correlation and association.
• Be conscious of the amount of risk you are actually taking and the consequences of the additional risk.
• Under some conditions it is difficult to balance self-interest and common interest.
• Arriving at a decision involves discussion, investigation and evaluation within a framework.
• Obtain feedback while making a decision and after the decision is made to assess its consequences.
• There are many ways to make a decision. Generally, as the decisions get more important, the procedures will become more time-consuming and comprehensive. Consider the lessons of Framed! alone or, even better, in a group in which you can benefit from the contributions of others. Whether you are facing matters major or trivial, this enjoyable resource will help you find practical solutions to all your problems.

Dr. Hari Singh has been a professor of economics for 20 years. He has taught at University of Illinois at Chicago and at San Diego State University. He has been a consultant at the World Bank. He has consulted for various organizations: National Science Foundation, United States Information Agency, U.S. Department of Housing and Urban Development (HUD), and American Express. He was a Fulbright Professor to Malaysia, where he taught decision making to senior civil servants. Dr. Singh has published over twenty five refereed articles in professional journals. He has taught decision making to MBA students and conducted seminars for corporate executives on decision strategies. He is the editor of the Seidman Business Review (circulation 14,000), a journal for business executives. Dr. Singh is cuurently serving as Chair of the Economics Department at the Seidman School of Business, Grand Valley State University, Grand Rapids, MI. He holds a PH.D. in Economics from the University of Illinois at Chicago. He is active in the American Economics Association, the Western Economics Association, and the Society for the Advancement of Behavioral Economics