Irresistibly Irrational: Entrapments in Decision Making

CIIED hosted an interactive session with Mr. Prashant Agarwal on the topic “Irresistibly Irrational: Entrapments in Decision Making“. Mr. Prashant Agarwal is the founder and managing director of Pragati Brands Consultants, a Dubai based management and marketing consulting company. He has previously been the Head of Marketing for Himalaya Herbals for EMEA-CIS and Business Head for the Russia-CIS region. The  interactive session was held on the 26th of November 2015 in room 271 at BITS Pilani, Dubai Campus.

30 students were present for the interactive session. Mr. Prashant Agarwal spoke to everyone about the differences in Rational and Irrational thinking. Time was spent in educating everyone about the basics of Behavioural Economics and its significance in everyday life and the business world.

Through an extremely well made presentation and the help of logical examples a small exercise was conducted by questioning students, through which we figured where we usually go wrong in our thought processes. He further went on to explain the two systems which play a hand in determining the ways we tackle certain daily tasks.

Mr. Agarwal introduced the concept of “Prospect Theory” and our dependence on reference and relativity in all aspects of life. Principles of Visual Deception were shown through a couple of examples shown in the presentation. He elaborated and explained the concept of “Loss Aversion” and how it psychologically effects the human mind. Research statistics were shown in support of this claim and how we all in some way are always trying to do the same.

The interactive session enlightened us on how we are deceived by basic human instincts in our daily life and how to adopt a veracious process of thinking in various scenarios so as to avoid major setbacks.

-Aditya Popat