The Novel Paradigm : A fresh perspective on decsion making
- Sol Aletor
- Dec 26, 2022
- 3 min read
Hi there...!! have you ever found yourself regretting a decision you made? Maybe you chose the wrong partner, university, job, or picked a less-than-stellar vacation destination, or bought a product that turned out to be a dud. yes!!, we have all been there, one way or the other. But have you ever stopped to consider why you made those decisions in the first place? Traditionally, decision-making has been viewed as a rational process. According to the classical or "rational choice" paradigm, we weigh the costs and benefits of different options and choose the one that maximises our utility or satisfaction. In other words, we try to make the best decision based on the information and resources available to us. But as it turns out, human decision-making is often influenced by a host of cognitive biases and heuristics that can lead us astray. These include things like Anchoring (getting fixated on the first piece of information we receive), framing (perceiving information differently depending on how it's presented), and the sunk cost fallacy (continuing to invest in something because we've already put time, money, or effort into it). You know who you are, you crypto people.
Well In light of these findings, and in alignment with the first decision, the novel paradigm has emerged as a new way of thinking about decision-making. This perspective takes into account the role of emotional - intelligence, social influences, and other non-rational factors in the decision-making process. One key aspect of the novel paradigm is the recognition that decisions are often made in complex and uncertain situations, rather than in the simplified, abstract contexts often used in classical models. This means that decision-makers must consider not only the immediate costs and benefits of different options but also their long-term consequences and how they fit into the larger context of the decision-maker's goals and values. For example, let's say you're trying to decide whether to accept a job offer. In the classical paradigm, you might weigh the salary, benefits, and location against each other and choose the option that offers the highest financial reward. But in the novel paradigm, you might also consider how the job aligns with your personal values, how it will impact your work-life balance, and what opportunities it might offer for career advancement. You might also consider the broader context of the job market and the state of the economy, and how these factors might affect your decision. Another important aspect of the novel paradigm is the emphasis on individual and cultural differences in decision-making. Classical models often assume that all individuals are rational actors who make choices based on their own self-interest. But the novel paradigm recognises that individuals may have different goals and values, and that these can influence their decision-making. Similarly, cultural differences can also play a role in decision-making, as individuals may be influenced by the norms and values of their social group. For example, let's say you're trying to decide whether to go on a date with someone you met online. In the classical paradigm, you might weigh the pros (they seem nice, they have a good job) against the cons (they're a little far away, you're not sure if you have much in common). But in the novel paradigm, you might also consider how the date aligns with your personal values (do you want a long-term relationship, or just something casual?), how it will impact your schedule (do you have time for a long-distance relationship?), and what social norms and expectations are at play (is it acceptable in your culture to meet someone online?). So, how can the novel paradigm help us make better decisions? By taking into account the complexity and subjectivity of the first decision, it provides a more realistic and nuanced understanding of how individuals and organisations make key leadership decisions.
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