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Escalation in Decision-Making: Behavioural Economics in Business book cover

1st Edition

Escalation in Decision-Making Behavioural Economics in Business

By Helga Drummond, Julia Hodgson Copyright 2011
178 Pages
by Routledge

180 Pages
by Routledge

180 Pages
by Routledge
Also available as eBook on:
When a venture seems to be faltering, do you persist and hope that things will get better or do you cut your losses? This may be one of the most important decisions business or project owners may ever have to make. Persistence involves the risk of throwing good money (or resources) after bad, but owners may feel they have too much invested to quit now. Escalation in Decision-Making reveals why... Read more
Contents: Introduction; If at first you don't succeed - then what? Introduction to escalation theory; Shutters up: a walk round the market; 'Maybe we can make a go of it': how does escalation start?; Missing the boat or sinking the boat? The realities of escalation; 'You think it's going to turn round': escalation; Five past midnight: introduction to entrapment theory; Entrapment in practice; 'I'm getting out': escalation and entrapment avoided; Escalation and entrapment theories revisited; Beyond magic thinking: making better decisions - 10 lessons for practice; Epilogue; Appendix; References; Index.

Biography

Helga Drummond, PhD (University of Leeds) has been part of the Faculty at Liverpool University Management School since 1990. She is now Professor of Decision Sciences. Professor Drummond is associated with a number of departments and agencies of the UK Ministry of Defence and is currently a non-executive director of the Service Personnel and Veterans Agency and a member of the Defence Scientific Advisory Council, the Finance Committee of the Royal Institution of Chartered Surveyors and the Disciplinary Tribunal of the Joint Council of the Inns of Court. Professor Drummond has lectured on risk and decision making at Cambridge University, Manchester University (UMIST), and the Defence Academy, Shrivenham. She has written eleven books and numerous academic papers and journal articles. She is frequently called upon to comment in the national newspapers press and broadcast media. Julia Hodgson, MA, MPA, PGCE and lecturer at the University of Liverpool Management School. She has published academic papers and journals in the areas of decision making in organisations and consumer experience.

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