Richard P. Larrick
Hanes Corporation Foundation Professor of Business Administration
Education & Training
Ph.D., University of Michigan at Ann Arbor 1991
M.A., University of Michigan at Ann Arbor 1989
B.A., College of William and Mary 1986
Rick Larrick is the Hanes Corporation Foundation Professor of Business Administration and a Professor of Management and Organizations at Duke University's Fuqua School of Business. He serves as the faculty director for Fuqua’s Center for Energy, Development, and the Global Environment (EDGE) and is a faculty affiliate of the Center for Research on Environmental Decisions (CRED) located at Columbia University.
Larrick’s research interests include individual, group, and organizational decision making. Specific areas of research examine environmental decision making, negotiation, group decision making, goal setting, and “debiasing” (techniques for helping people make better decisions). His research asks three main questions: “How accurate are people’s intuitive decisions?”, “How can intuitive decisions be improved?”, and “What motivates people to make decisions that benefit society?”
He has two areas of research that are his current focus: Environmental decisions and “the wisdom of crowds.”
Environmental Decisions. In 2008, Larrick published an article in Science with Jack Soll called “The MPG Illusion” calling for the adoption of fuel consumption, not fuel efficiency, as the appropriate metric for evaluating technology improvements. The argument was featured in two National Research Council reports published in 2010 (Technologies and Approaches to Reducing the Fuel Consumption of Medium- and Heavy-Duty Vehicles; Assessment of Fuel Economy Technologies for Light-Duty Vehicles). The 2013 EPA labels for automobiles include a fuel consumption metric (“gallons per 100 miles metric”) as well as translations of gas consumption to fuel costs and to greenhouse gas emissions. Larrick’s current research explores behavioral aspects of energy use and environmental decisions (in collaboration with Jack Soll, Adrian Camilleri, Dena Gromet, Howard Kunreuther, Eric Johnson, and Elke Weber).
Wisdom of Crowds. In a second line of research, Larrick has examined the benefit of combining judgments across multiple judges when making uncertain estimates, such as sales or stock forecasts. The average of such judgments is necessarily more accurate than the average judge (which the author James Surowiecki named “The Wisdom of Crowds”). Combining judgments is often more effective than trying to rely on a single expert. However, many people misunderstand the benefits of averaging and prefer to rely on single experts. Larrick’s research (in collaboration with Jack Soll, Al Mannes, Christina Rader, Francesca Gino, Leigh Plunkett Tost, Julia Minson, and Jennifer Mueller) examines the conditions under which combining judgments is effective and the psychology of when people rely on or resist using the judgments of others. In a recent line of research, Larrick and his colleagues showed that powerful leaders tend to impair team decision making by dominating team discussions.
Larrick has published in psychology, management, and general science journals, including the Journal of Personality and Social Psychology, Psychological Review, Proceedings of the National Academy of Sciences, Cognitive Psychology, Management Science, Academy of Management Journal, and Organizational Behavior and Human Decision Processes. He is an associate editor for the journal Management Science and on the editorial boards of Psychological Science, Organizational Behavior and Human Decision Processes, and the Journal of Behavioral Decision Making. He has served on the editorial boards of Personality and Social Psychological Review and Personality and Social Psychological Bulletin.
He designed and teaches the core Fuqua MBA course on leadership and management in the daytime program, entitled “Leadership, Ethics, and Organizations,” and has taught MBA and executive courses on leadership, negotiation, and power and politics in organizations.
Larrick is a fellow of the Association for Psychological Science and the incoming President of the Society for Judgment and Decision Making.
Larrick received his Ph. D. in social psychology from the University of Michigan in 1991. Prior to joining Duke in 2001, he taught at Northwestern’s Kellogg Graduate School of Management (1991-1993) and at the University of Chicago’s Graduate School of Business (1993-2001). Larrick received his B.A. in psychology and economics from the College of William and Mary.
Camilleri, AR, Larrick, RP, Hossain, S, and Patino-Echeverri, D. "Consumers underestimate the emissions associated with food but are aided by labels." Nature Climate Change 9.1 (January 1, 2019): 53-58. Full Text
Minson, JA, Mueller, JS, and Larrick, RP. "The contingent wisdom of dyads: When discussion enhances vs. undermines the accuracy of collaborative judgments." Management Science 64.9 (September 1, 2018): 4177-4192. Full Text
Ungemach, C, Camilleri, AR, Johnson, EJ, Larrick, RP, and Weber, EU. "Translated Attributes as Choice Architecture: Aligning Objectives and Choices Through Decision Signposts." Management Science 64.5 (May 2018): 2445-2459. Full Text
Kay, MB, Proudfoot, D, and Larrick, RP. "There's no team in I: How observers perceive individual creativity in a team setting." The Journal of Applied Psychology 103.4 (April 2018): 432-442. Full Text
Morewedge, CK, Tang, S, and Larrick, RP. "Betting your favorite to win: Costly reluctance to hedge desired outcomes." Management Science 64.3 (March 1, 2018): 997-1014. Full Text
Rader, CA, Larrick, RP, and Soll, JB. "Advice as a form of social influence: Informational motives and the consequences for accuracy." Social and Personality Psychology Compass 11.8 (August 1, 2017). Full Text
Tang, S, Morewedge, CM, Larrick, RP, and Klein, JG. "Disloyalty aversion: Greater reluctance to bet against close others than the self." Organizational Behavior and Human Decision Processes 140 (May 1, 2017): 1-13. Full Text
Aribarg, A, Burson, KA, and Larrick, RP. "Tipping the scale: The role of discriminability in conjoint analysis." Journal of Marketing Research 54.2 (April 1, 2017): 279-292. Full Text
Larrick, RP, and Feiler, DC. "Expertise in Decision Making." The Wiley Blackwell Handbook of Judgment and Decision Making, 2 Volume Set. Ed. GB Keren and G Wu. John Wiley & Sons, February 15, 2016. 696-722. (Chapter)
Larrick, RP, Soll, JB, and Keeney, RL. "Designing better energy metrics for consumers." Energy Accounts: Architectural Representations of Energy, Climate, and the Future. January 1, 2016. 29-41. Full Text
Camilleri, AR, and Larrick, RP. "Choice Architecture." May 15, 2015.
Larrick, RP, and Feiler, DC. "Theory X and Theory Y: HR Strategy." The Palgrave Encyclopedia of Strategic Management. Ed. DJ Teece and M Augier. Palgrave Macmillan, 2013.
Larrick, RP, Soll, JB, and Mannes, AE. "The 'wisdom of crowds' effect." Encyclopedia of Mind. Ed. H Pashler. Thousand Oaks, CA: Sage Publications, 2013.
Larrick, RP, and Wu, G. "Risk in negotiation: Judgments of likelihood and value." The Oxford Handbook of Economic Conflict Resolution. Ed. GE Bolton and RT Croson. New York: Oxford University Press (OUP), 2012. 279-291.
Larrick, RP, Wu, G, and Tennant, R. "Biased beliefs in negotiation." The Oxford Handbook of Economic Conflict Resolution. Ed. GE Bolton and RTA Croson. Oxford University Press, 2012. 254-264.
Larrick, RP. "Broaden the decision frame to make effective decisions." Handbook of Principles of Organizational Behavior. Chichester, UK: Wiley and Sons, 2009. 461-480.
Larrick, RP. "Debiasing." Blackwell Handbook of Judgment and Decision Making. Malden, MA: Blackwell, 2004. 316-337.
Promoting Professionalism and Accountability Through Nonfinancial Means: Framework Development awarded by American Board of Internal Medicine Foundation (Co Investigator). 2015 to 2017