Professor Kanchan Mukherjee received the Hillel Einhorn New Investigator Award instituted by the Society for Judgment and Decision Making (SDJM) at a function held on November 7, 2011 as part of the SDJM Conference at Seattle, USA.
The purpose of the Hillel Einhorn New Investigator Award is to encourage outstanding work by new researchers and is given annually since 2007 (formerly it was awarded every other year). Professor Irwin P Levin, the Chair of the Awards Committee, wrote in a mail to Dr Mukherjee: "...we had a record number of submissions this year and the committee felt that the quality was exceptionally high. We judged your paper to be "the best of the best".
This significant honour recognizes the contribution made by him through his research on a Dual System Model (DSM) of decision making under risk and uncertainty. His research paper on this theme entitled 'A Dual System Model of Preferences Under Risk' was published in the journal Psychological Review in January 2010 by the American Psychological Association (Vol. 117, 1, 243-255). This work was supported, in part, by the Centre for Decision Making and Risk Analysis, INSEAD.
About the research:
Starting about four decades ago psychologists Daniel Kahneman (winner of the 2002 Nobel prize in Economics) and Amos Tversky fundamentally changed the way researchers viewed human behaviour. They showed that peoples' judgments and decisions often deviated from rationality in systematic and predictable ways. Some of the key features of their research were incorporated in Prospect Theory, the seminal model of decision making published in 1979.
One common feature of all decision making models, normative and descriptive, was that they took a unitary perspective towards the human mind, that is, they assumed a single system of thought. Dr. Mukherjee's DSM is the first model that departs from this perspective and adopts the fundamentally different dual process perspective to describe decision making under risk. The dual process paradigm of reasoning states that there are two fundamentally different ways of processing information, one which is fast, associative, automatic, and experiential, and the other slow, analytical, and deliberative. Psychological research has increasingly demonstrated that the dual process perspective is more successful in explaining behaviour in a wide variety of settings. Also, the neuroscience literature increasingly shows evidence of multiple separable neural systems in the brain that contribute to decision making and behaviour.
DSM significantly expands the scope of existing decision models by incorporating 1) different thinking dispositions, a feature of the decision maker; 2) affective content of the outcomes, a feature of the risky context; and 3) different task construals, a feature of the nature of the task, within its framework. The model parsimoniously explains a wide variety of behavioural phenomena reported in the literature and makes several novel predictions of specific behaviour patterns under different conditions.
About Professor Kanchan Mukherjee:
Kanchan Mukherjee is an Associate Professor of Organizational Behaviour at the Indian Institute of Management Bangalore. After graduating from IIT Kanpur and IIM Calcutta, he worked for nine years primarily in the areas of mergers & acquisitions and risk management. He received his PhD in Decision Sciences from INSEAD in 2009.
His research focuses on judgment and decision making broadly defined, straddling the disciplines of economics, psychology and statistics. His recent research includes decision modeling, effects of thinking styles on probability judgments, contest evaluations and entry decisions, debiasing overconfidence, combining expert opinions, and temporal aspects of subjective beliefs. He has published in leading academic journals including Psychological Review, Psychological Science and Journal of Behavioral Decision Making.
At IIM Bangalore, he teaches Managing People and Performance in Organizations (PGP) and Behavioural Decision Making (FPM).
Professor Kanchan Mukherjee received the Hillel Einhorn New Investigator Award instituted by the Society for Judgment and Decision Making (SDJM) at a function held on November 7, 2011 as part of the SDJM Conference at Seattle, USA.
The purpose of the Hillel Einhorn New Investigator Award is to encourage outstanding work by new researchers and is given annually since 2007 (formerly it was awarded every other year). Professor Irwin P Levin, the Chair of the Awards Committee, wrote in a mail to Dr Mukherjee: "...we had a record number of submissions this year and the committee felt that the quality was exceptionally high. We judged your paper to be "the best of the best".
This significant honour recognizes the contribution made by him through his research on a Dual System Model (DSM) of decision making under risk and uncertainty. His research paper on this theme entitled 'A Dual System Model of Preferences Under Risk' was published in the journal Psychological Review in January 2010 by the American Psychological Association (Vol. 117, 1, 243-255). This work was supported, in part, by the Centre for Decision Making and Risk Analysis, INSEAD.
About the research:
Starting about four decades ago psychologists Daniel Kahneman (winner of the 2002 Nobel prize in Economics) and Amos Tversky fundamentally changed the way researchers viewed human behaviour. They showed that peoples' judgments and decisions often deviated from rationality in systematic and predictable ways. Some of the key features of their research were incorporated in Prospect Theory, the seminal model of decision making published in 1979.
One common feature of all decision making models, normative and descriptive, was that they took a unitary perspective towards the human mind, that is, they assumed a single system of thought. Dr. Mukherjee's DSM is the first model that departs from this perspective and adopts the fundamentally different dual process perspective to describe decision making under risk. The dual process paradigm of reasoning states that there are two fundamentally different ways of processing information, one which is fast, associative, automatic, and experiential, and the other slow, analytical, and deliberative. Psychological research has increasingly demonstrated that the dual process perspective is more successful in explaining behaviour in a wide variety of settings. Also, the neuroscience literature increasingly shows evidence of multiple separable neural systems in the brain that contribute to decision making and behaviour.
DSM significantly expands the scope of existing decision models by incorporating 1) different thinking dispositions, a feature of the decision maker; 2) affective content of the outcomes, a feature of the risky context; and 3) different task construals, a feature of the nature of the task, within its framework. The model parsimoniously explains a wide variety of behavioural phenomena reported in the literature and makes several novel predictions of specific behaviour patterns under different conditions.
About Professor Kanchan Mukherjee:
Kanchan Mukherjee is an Associate Professor of Organizational Behaviour at the Indian Institute of Management Bangalore. After graduating from IIT Kanpur and IIM Calcutta, he worked for nine years primarily in the areas of mergers & acquisitions and risk management. He received his PhD in Decision Sciences from INSEAD in 2009.
His research focuses on judgment and decision making broadly defined, straddling the disciplines of economics, psychology and statistics. His recent research includes decision modeling, effects of thinking styles on probability judgments, contest evaluations and entry decisions, debiasing overconfidence, combining expert opinions, and temporal aspects of subjective beliefs. He has published in leading academic journals including Psychological Review, Psychological Science and Journal of Behavioral Decision Making.
At IIM Bangalore, he teaches Managing People and Performance in Organizations (PGP) and Behavioural Decision Making (FPM).