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Michael Pokrovski

added blog Decision Making and Problem Solving
2026-06-11 12:21:22 -

Can training reduce biases?
Can Training Reduce Biases? A group of experienced professionals enters a training room. Some are physicians. Others are judges. A few manage investment portfolios worth millions of dollars. Many have decades of experience making consequential decisions. The instructor begins with a simple exercise. Participants answer a series of questions involving probabilities, risk assessments, and...

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Michael Pokrovski

added blog Decision Making and Problem Solving
2026-06-11 12:15:58 -

How can I avoid cognitive biases?
How Can I Avoid Cognitive Biases? A physician reviews a patient's symptoms and reaches a diagnosis within seconds. An investor feels certain a stock is destined to rise. A hiring manager instantly likes a candidate during the first minute of an interview. A voter reads a headline and immediately knows who is right. Different people. Different situations. Different stakes. Yet the same...

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Michael Pokrovski

added blog Decision Making and Problem Solving
2026-06-08 18:54:43 -

How is behavioral economics different from traditional economics?
How Is Behavioral Economics Different From Traditional Economics? The Question That Split Economics in Two Imagine two economists observing the same scene. A shopper enters a store intending to buy toothpaste. Ten minutes later, she leaves with scented candles, gourmet chocolate, and a kitchen gadget she had never considered purchasing before entering. The first economist shrugs. The...

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Michael Pokrovski

added blog Decision Making and Problem Solving
2026-06-11 12:19:20 -

How to improve critical thinking skills?
How to Improve Critical Thinking Skills? A newspaper headline makes a bold claim. A social media post attracts millions of views. A colleague presents a persuasive argument during a meeting. An investor predicts a market crash. A doctor recommends a treatment. A friend shares a story that sounds unquestionably true. Which of these deserves your trust? The instinctive answer is often...

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Michael Pokrovski

added blog Decision Making and Problem Solving
2026-06-11 12:27:50 -

How to make better decisions?
How to Make Better Decisions? A young investor buys a stock because everyone seems excited about it. A manager hires the candidate who made the strongest first impression. A patient chooses a medical treatment after reading a single success story. An entrepreneur launches a product because the opportunity feels irresistible. Months later, some of these decisions succeed. Others fail....

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Michael Pokrovski

added blog Decision Making and Problem Solving
2026-06-11 12:17:33 -

How to think more rationally?
How to Think More Rationally? A woman buys a stock because she has a good feeling about the company. A manager hires a candidate because the interview "just clicked." A voter dismisses an argument after reading only the headline. An entrepreneur ignores warning signs because success feels inevitable. All four decisions may seem unrelated. One concerns investing. Another concerns hiring....

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Mark Lorenzo

added blog Financial Services
2023-01-24 20:07:42 -

Macroeconomics
If you want to sum up what economics means, you could do so with the following statement: Individuals and societies are forced to make choices because most resources are scarce. Economics is the study of how individuals and societies choose to allocate scarce resources, why they choose to allocate them that way, and the consequences of those decisions. Scarcity is...

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Michael Pokrovski

added blog Decision Making and Problem Solving
2026-06-08 18:51:13 -

What is behavioral economics?
What Is Behavioral Economics? The Discipline That Discovered How We Actually Decide The Mistake That Changed Economics Several years ago, I found myself standing in a grocery store, holding two bottles of wine. One cost $12. The other cost $24. I knew almost nothing about wine. Yet I lingered. I examined labels I did not understand, regions I could not locate on a map, and tasting notes...

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Leonard Pokrovski

added blog Economics
2026-05-01 20:04:54 -

What is consumer behavior theory?
The Invisible Architecture of Choice There is a quiet arrogance embedded in how we often narrate markets. We speak as if prices move first and people follow, as if preferences are stable artifacts tucked neatly inside individuals, waiting to be revealed through purchase. Yet the reality is less orderly, more recursive. Consumer behavior theory—at its core—is an attempt to impose...

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Leonard Pokrovski

added blog Economics
2026-05-05 08:55:17 -

What is marginal utility?
What Is Marginal Utility? A restless measure of satisfaction—and the quiet engine behind economic choice I once watched a street vendor in a crowded market sell cups of freshly squeezed pomegranate juice. The first cup, bought by a visibly exhausted passerby, was consumed in seconds—eyes closed, shoulders lowering, relief embodied. The second cup, purchased by the same individual...

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