Education improves decision-making ability: A Study report

Education improves decision-making ability

Education improves decision-making ability: A Study report

The issue of decision-making, in general, is one of the most important and influential elements in the lives of the administrative organizations and even in the life of states. The importance of this topic stems from its connection to daily human work, family life or any area of human activity. Individuals are at the center of this topic. The administrative leaders who make the decisions to guide their work and activities, or for the subordinates participate in them. The importance of this topic stems from the other hand decision making or implementation or is the object of its association with achieving the objectives of all kinds, A field of choice between more than one alternative to reach the goal of a decision was made by choosing the best alternative, and so the decision-making process continues as long as there are work and activity to achieve the desired goals.

Recently, A new study report has been published in “Science” which was led by Hyuncheol Bryant Kim, assistant professor of policy analysis and management at Cornell University. Kim and his colleagues examined this hypothesis through a controlled experiment to support education in Malawi, organized by a non-governmental organization that provided financial support to education in a sample of nearly 3,000 students in grades 9 and 10. In the study, they found that education can be leveraged to help enhance an individual's economic decision-making quality or economic rationality. There has been interesting through behavioral and social sciences - including psychology, economics, and education - in whether people are born to be rational decision-makers or whether it is possible to promote rationalism through education. The traditional economic analysis assumes that humans make rational choices. However, increasing evidence shows that people tend to make systematic mistakes in governance and decision-making and that there is a high level of diversity in how individuals rationalize.

Hyuncheol Bryant Kim said in his statement, "Using a randomized controlled trial of education support and laboratory experiments that mimic real-life examples, We have established causal evidence that educational intervention not only increases educational outcomes but also increases economic rationality in terms of measuring people's decision-making consistently to achieve their economic goals. We also found that those who took part in the education intervention had higher scores of economic rationality, suggesting that education is a tool for enhancing an individual's economic decision-making quality. While we know that school education has shown in the past that it has positive effects on a wide range of outcomes, such as income and health, our work provides evidence of potential additional benefits from improvements in people's decision-making abilities. There is other research on improving the quality of decision-making aimed at reducing bias decision. For example, behavioral economists have urged policymakers to intervene in markets, restructure selection environments, and the way in which a decision is made, without restricting people's freedom of choice. We take a different stand: proper policy tools can enhance the general capabilities of decision making. Governments must never neglect investments in the human capital of their citizens. In addition, this guide provides additional justification for investment in education in resource-constrained settings such as Malawi and other developing countries.

Journal Reference:

 Science, 2018; 362 (6410): "The role of education interventions in improving economic rationality".

Story Source: ScienceDaily, October 2018. "Education improves decision-making ability, study finds." 

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