Thursday, 29 January 2015, 1:00PM
Barnard's Inn Hall

The Psychology of Doing Nothing

Professor Helga Drummond

What we need to do is often the opposite of what we want to do. 

This lecture explores decision avoidance in business. Why is costly inaction attractive? Why do individuals (and organisations) sometimes hesitate even though they know they probably have more to lose by not taking a risk? We also explore the other side of the coin: when is inaction the highest form of action?

Speaker_HelgaDrummond_370x370.jpg

Helga Drummond is Visiting Gresham Professor of Business and Professor of Decision Sciences at the University of Liverpool Management School, a position that she has held since 1997.

Professor Drummond is an Independent Member of the Defence Scientific Advisory Committee (DSAC), which advises the Ministry of Defence on science and technology. Professor Drummond is also Lay Member the Licence Committee of the Human Fertilisation and Embryology Authority (HFEA), the General Optical Council Fitness to Practice Committee and the Royal College of Veterinary Surgeons Discipline Committee. Past external appointments include Non-Executive Director of two executive agencies of the Ministry of Defence, the Royal Institution of Chartered Surveyors and Lay Member of the Joint Council of the Inns of Court.

As well as her wide-ranging articles for both academic and lay publications, her numerous books include The Economist Guide to Decision-Making (2012), Escalation in Decision-Making: Behavioural Economics in Business (2011) and How to be a Successful Entrepreneur (2009).

Most of Professor Drummond’s research has centred upon decision-making amidst risk and uncertainty. Her studies have ranged from high profile business failures, such as the collapse of Barings’ Bank, to that of a dilapidated hairdressers’ shop. She has delivered invited lectures on these topics at a wide range leading institutions, including LSE, University of Oxford, University of Cambridge, the Defence Academy and the British Legal Association.

Professor Drummond’s series of three public lectures begins in December 2014 and are collected under the title, Gambling with the Gods: Decision-making in a Turbulent World. On her series, she explains:

“We make our decisions. Our decisions make us and our organisations. But it is seldom easy. Ambiguity always lurks. Things are rarely quite what they seem to be. Bright promises fail. Bold claims return to haunt. Best laid plans frequently go awry. This programme of lectures is about how to get important decisions more right than wrong and even profit from uncertainty”.

All of Professor Drummond's past lectures may be accessed here.

Current Gresham Professor of Business

Read More
Read Less

Transcript

29 January 2015

The Psychology of Doing Nothing
Professor Helga Drummond

View PDF
Print
Related Future Lectures
Related Past Lectures
WATCHED
Part of a series

Assessing the Economic Risks from Brexit

Professor Jagjit Chadha
Thursday, 2 June 2016 - 6:00PM
WATCHED
Part of a series

Recession and Recovery

Professor Jagjit Chadha
Thursday, 29 September 2016 - 6:00PM
WATCHED
Part of a series

Employment and Unemployment

Professor Jagjit Chadha
Thursday, 24 November 2016 - 1:00PM
WATCHED
Part of a series

Trends in Inequality

Professor Jagjit Chadha
Thursday, 2 February 2017 - 1:00PM
WATCHED
Part of a series

Debt and the Household Balance Sheet

Professor Jagjit Chadha
Thursday, 16 March 2017 - 6:00PM
WATCHED
Part of a series

The External Financing Position

Professor Jagjit Chadha
Thursday, 27 April 2017 - 6:00PM
WATCHED
Part of a series

The Efficient Markets Hypothesis

Professor Jagjit Chadha
Thursday, 28 April 2016 - 6:00PM
WATCHED
Part of a series

Computers, People and the Real World

Professor Martyn Thomas CBE
Tuesday, 5 April 2016 - 6:00PM
WATCHED
Part of a series

Why Doesn't Capital Flow From High To Low?

Professor Jagjit Chadha
Thursday, 17 March 2016 - 6:00PM
WATCHED
Part of a conference

Long Finance Spring Conference - Panel Discussion

Alderman Professor Michael Mainelli
Tuesday, 1 March 2016 - 4:30PM
WATCHED
Part of a conference

Long Finance Spring Conference - Picking Long-Term Discount Rates

Jon Spain
Tuesday, 1 March 2016 - 4:00PM
WATCHED
Part of a conference

Long Finance Spring Conference The Folly of Discount Based Valuations

Dr Con Keating
Tuesday, 1 March 2016 - 3:45PM
WATCHED
Part of a series

"Knee deep in the big muddy": Escalation of Commitment

Professor Helga Drummond
Thursday, 12 March 2015 - 1:00PM
WATCHED
Part of a series

Predictable Surprises

Professor Helga Drummond
Thursday, 4 December 2014 - 1:00PM
WATCHED

If at first you don’t succeed, then what?

Professor Helga Drummond
Wednesday, 18 November 2009 - 12:00AM
WATCHED
Part of a series

"Knee deep in the big muddy": Escalation of Commitment

Professor Helga Drummond
Thursday, 12 March 2015 - 1:00PM
WATCHED
Part of a series

Predictable Surprises

Professor Helga Drummond
Thursday, 4 December 2014 - 1:00PM