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Michael Pokrovski

added blog Decision Making and Problem Solving
2026-06-10 12:07:05 -

Can behavioral economics improve public policy?
Can Behavioral Economics Improve Public Policy? The Letter That Collected Millions A government agency wanted citizens to pay their taxes on time. The traditional solution was familiar. Increase enforcement. Expand audits. Strengthen penalties. Communicate the legal consequences of noncompliance. Instead, researchers tested something remarkably simple. They changed a sentence in a letter....

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Michael Pokrovski

added blog Decision Making and Problem Solving
2026-06-10 12:12:12 -

How do businesses use behavioral economics?
How Do Businesses Use Behavioral Economics? The $8 Bottle of Wine A restaurant owner faced a familiar problem. Customers rarely ordered the cheapest bottle of wine on the menu. That was not surprising. People often associate low prices with low quality. But they also rarely selected the most expensive bottle. That was not surprising either. Most diners preferred moderation. The owner...

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Michael Pokrovski

added blog Decision Making and Problem Solving
2026-06-10 12:16:54 -

What is loss aversion in finance?
What Is Loss Aversion in Finance? The Investor Who Couldn't Sell An investor purchases a stock at $100 per share. Months later, the stock trades at $70. The company's prospects have deteriorated. New information suggests the investment thesis is no longer valid. Rational analysis points toward selling and reallocating the capital elsewhere. Yet the investor hesitates. Days pass. Weeks...

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Michael Pokrovski

added blog Decision Making and Problem Solving
2026-06-10 12:19:57 -

Why do people panic sell during crashes?
Why Do People Panic Sell During Crashes? The Moment Rationality Disappears An investor opens their portfolio on a Tuesday morning. The market is down 4%. Unpleasant, certainly. But not unprecedented. By lunchtime, the decline deepens. Financial news alerts begin arriving with increasing urgency. Television commentators adopt darker tones. Social media fills with predictions of...

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Michael Pokrovski

added blog Decision Making and Problem Solving
2026-06-10 12:22:12 -

How do emotions affect financial decisions?
How Do Emotions Affect Financial Decisions? The Investor Who Changed His Mind Overnight On a Friday afternoon, an investor reviewed her portfolio. The numbers looked strong. Her retirement plan was on track. Her asset allocation aligned with her goals. The market had experienced a few minor fluctuations, but nothing unusual. She felt confident. By Monday morning, that confidence had...

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Michael Pokrovski

added blog Decision Making and Problem Solving
2026-06-10 12:26:48 -

Why do humans have biases?
Why Do Humans Have Biases? The Strange Reliability of Systematic Error There is something unsettling about human error. Not the occasional mistake. Those are expected. Acceptable. Easy to explain away. What is more disturbing is repetition. The same errors, appearing again and again, across people who are intelligent, educated, experienced, and well-intentioned. An investor buys high and...

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Michael Pokrovski

added blog Decision Making and Problem Solving
2026-06-10 13:10:37 -

Are cognitive biases subconscious?
Are Cognitive Biases Subconscious? The Thought You Did Not Notice Having A decision is made in under a second. Not a dramatic decision. No visible struggle. No deliberation that feels like deliberation. A job candidate is evaluated. A stock is chosen. A stranger is trusted. A headline is believed. Only afterward does the mind construct a justification—a narrative that feels like...

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Michael Pokrovski

added blog Decision Making and Problem Solving
2026-06-10 13:13:14 -

How does the brain create shortcuts?
How Does the Brain Create Shortcuts? The Decision You Did Not Fully Make You are standing in front of a shelf. Three brands of coffee. Nearly identical packaging. Different prices. You reach for one. The decision feels instantaneous. Clean. Effortless. As if a conclusion simply appeared. Only later, if asked, you might offer a justification: “It looked familiar.” “It...

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