Ryan Hamilton is an Associate Professor of Marketing at Emory University’s Goizueta Business School. He joined The Goizueta Effect Podcast to discuss the science of decision making.
It's estimated that the average adult makes more than 35,000 decisions each day. They can be small like where to grab your next cup of coffee or big like who to pick for president. As individuals, how can we make better decisions for ourselves, families, and communities? As business leaders and managers, how can our understanding of the human mind and key motivators help us position our products, services, and teams for growth?
Ryan’s work centers on consumer psychology, pricing, branding, and effectively managing customer experiences. He has been featured in the Harvard Business Review, New York Times, Wall Street Journal, and CNN Headline News. He also cohosts the podcast – The Intuitive Customer.
Why Decision Making
All human behavior can be boiled down to decision making; the behaviors of customers, employees, and family are all just a series of decisions. When you model how others make decisions, that model is either informed by the science of decision making or it's not. Researchers who explore the human decision-making process are contributing to the body of knowledge around this complex topic and hoping to provide better insight so individuals can anticipate the actions of others and understand themselves better.
Grounding Tenets: The 4R’s of Decision Making
Ryan Hamilton developed the 4Rs framework after teaching decision making to students and business executives. With so much research on decision-making and new studies constantly being published, this framework gives people a starting point to approach decision making in our own lives and in business.
How Cognitive Resources Impact the Decision-Making Process
Our minds consume fuel in the form of attention and cognitive energy. When we have a lot of fuel on hand and apply that to a decision, we make different decisions than we do when we're starved of those resources. In addition, we're all cognitive misers. When it comes to exerting mental effort, we don't want to spend it or think about things we don't have to. As human beings, we’ve developed a number of ways to conserve cognitive resources, for example, habits. Habitual purchases and behaviors are easier because they conserve cognitive energy. Therefore, it's important to understand how people approach decision making, not just when they're fully engaged and motivated and really want to make the best decision, but also when they're tired and distracted and looking for an easy way out.
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