Decision Traps: The Ten Barriers to Brilliant Decision-Making and How to Overcome Them by J. Edward Russo, Edward J. Russo and Paul, J.H. Schoemaker (1989, Hardcover)

OK, I'll admit up front that I know the author, J. Russo. At Cornell University he was my professor and mentor at the graduate business school. He is an expert in marketing, consumer insight, consumer research, decision structures, organizational behavior, and more. He is a brilliant yet kind and personable man.

Now that you know my bias, on to the book...

What I like most about this book is that enormous amounts of scholarly research (much of it published in peer-review journals) has be distilled down to 10 decision traps that keep all of us from making the best decisions for ourselves. I don't just mean in business - these traps are relevant no matter what kind of decisions you are making, no matter the size or context of those decisions.

What the author develops here is your basic ability to make good decisions. I have found it very helpful and re-read it every few years. Oddly enough for a book based on scholarly research, it is written so that the average person can benefit from it. You do not need college degrees or a business career. Sure, the author does make reference to the research methods and results, but you don't need to read those sections for the book to be understandable and usable.

This is one of the few business books I've kept over time. Most business books are relevant only during a short period of time before new business fads come along. This one is a keeper because its advice never goes out of style.