Intuition's Role in Good Decision-Making

"The most effective way to improve your decision making is to improve your intuition. It is very rare that you can derive a decision from data and calculations alone. In most situations, you have to have some intuition that is based on the knowledge of analogies. These analogies concern very simple situations in which you can clearly see the best course of action. Such simple situations, sometimes presented in game theory, can then be transferred to more complex situations with similar features. When people have in mind great stores of such simple business or game situations and their analyses, they have better intuition. They will not easily forget the important aspects of a decision problem." Source: Reinhard Selten, Nobel Prize, Economics

Read the complete interview here. (Free registration required.)