Fathauer Lecture in Political Economy: Diversity Bonuses: Why Many Ways of Thinking Lead to Better Decisions, More Creative Solutions and More Accurate Predictions Complex phenomena are difficult to describe, explain and predict. Confronted with a complex task, no single person or model will likely be correct. We therefore must apply multiple ways of thinking-diverse perspectives, algorithms, categories, heuristics and models. Diversity does more than reduce the risk of bad outcomes, it produces bonuses in the form of greater accuracy, and more and better solutions. The potential for diversity bonuses contributes to the increased use of teams generally and the growth of interdisciplinary teams in the academy. In addition, connections between identity and cognitive diversity imply that identity-diverse teams often outperform homogenous teams.
Scott Page, University of Michigan
About the Fathauer Lecture in Political Economy: Established in 1982 and endowed in 1996 by Isabel and Walter Fathauer, the Lecture brings internationally known scholars to the University of Arizona's Eller College of Management. More than 200 business and community leaders, students, and other community members attend the free public event each year.