Testing a person’s decisions and preferences using probabilities, bets, and lotteries is an engaging exercise, and nothing is wrong in doing so. However, unless one also adds empathy to the mixture of economics and logic one misses something essential—the person!
empathy and business
Business leaders lose contact with what clients and consumers are experiencing. Leaders get entangled in solving legal issues, reacting to the competition, or implementing the technologies required to sustain operations, and lose touch with the empathic core of business. Yet empathy is never needed more than when it seems there is no time for it.