Education improves decision-making ability: A Study report

Education improves decision-making ability: A Study report

decision-making ability
Education improves decision-making ability

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.

Education improves decision-making ability: A Study report Education improves decision-making ability: A Study report Reviewed by The Scientific World on October 07, 2018 Rating: 5

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