Bias — at some level it affects all human thought. When a person decides to take a risk, say gamble a couple of dollars, bias is sure to play a part in that person's rational. But the situation is very different when someone decides whether or not to take a multi-billion dollar risk on the installation of an offshore oil platform... or is it?

In his latest book, Dr. Dennis Pieters takes a much needed look at the effects of "framing" on decision making in the oil and gas industry. Framing is a bias in decision making that results from the couching, or verbal presentation, of identical problems wherein simple changes in wording result in preference reversals. Simply put, research has shown that a decision maker's willingness to take risks frequently depends on how potential outcomes are presented.

Pieters' work shows just how robust framing can be in affecting decision making in the oil and gas business when the risk of uncertainty is a major factor. Furthermore, he illustrates that specific approaches to framing can result in either similar or significantly different bias in the decisions of laypeople and industry experts.

The Influence of Framing on Oil and Gas Decision Making brings to light the need for decision makers, and those who work for them, to be more aware of framing methods and biases, particularly in a field where uncertainty plays such a major role.

Click here to read the Table of Contents or here to read the Abstract.

About the Author: Dr. Dennis Pieters is a technical upstream consultant for major multi-national and national oil companies in the U.S., Middle East, Southeast Asia and Russia. During the past 25 years he specialized in solving complex and varied �reservoir engineering and simulation field problems, risk and economic analysis and decision making. His most recent consultancy was as subsurface oilfield consultant to the U.S. government with the Army Corps of Engineers in Iraq reconstruction efforts. Dr. Pieters earned a BS degree in Geological Engineering and MS and PhD degrees in Petroleum Engineering and decision making from the Colorado School of Mines. He has taught, lectured and �published over 20 papers on aspects of reservoir depletion, reservoir simulation and decision making. For his latest work in behavorial decision making, he collaborated with Dr. Baruch Fischhoff of Carnegie Mellon University a protégé of the Nobel Laurate Daniel Kahneman.

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