Date of this Version
Cornhusker Economics December 21, 2016.
People make thousands of decisions every day. These decisions shape lives and determine futures, some of them in very significant ways. However, some argue that the ability to make good quality decisions is contrary to human nature (Spetzler, et al.). Stress, time constraints, and uncertainty can amplify this situation and lead to mistakes that are difficult to overcome.
In a recent survey by the Department of Agricultural Economics at the University of Nebraska and the Nebraska Department of Agriculture, it was revealed that 54% of Nebraska agricultural producers are currently experiencing a great amount of financial stress. In stressful times, it is important to focus on making good decisions. But, what do good decisions really look like? In what follows, I draw on the work of Hammond, et al. (1999) and Spetzler et al. (2016) to offer seven characteristics of a good decision.