Split decisions

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Split decisions / Peter Ayton
Sumario: How do you make decisions? Burgeoning psychological research has revealed the numerous fallacies and biases that bedevil human decision-making, and shows that experts are not immune. Nevertheless, behavioural research into pension trustees' decision-making is rather scant, and in 2018 a research team was commissioned by the IFoA's Actuarial Research Centre to examine the topic. We used two empirical methodologies: first, market research firm Ipsos MORI carried out qualitative ethnographic studies to examine trustees' customs and practices and their approach to undertaking their duties; second, behavioural experiments were conducted to understand the judgment strategies used by trustees, and the cognitive biases they may be prone to