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Lecture 3

Week 3

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Global Management Studies
GMS 200
Shavin Malhotra

Week 3Information and decision making The Decoy EffectThey include a decoy option to influence the consumers to buy a certain product You can influence what the consumer buys by changing their behaviours through the use of options Critical Thinking Observing and recording is the central aspect of management Sometimes the data at hand is not ideal DiscriminationyUC Barkeley in the fall of 1973y8442 men and 4321 women applied y44 of the men and 35 of the women were admitted yThe quality of the applications was the sameyIs this descrimination yAnswer not necessarilyThe Simpsons Paradox Stock PredictionsyOne stock broker provides monthly predictions that correctly predicted 7 of 9 downturns in the economy over the past 3 yearsyIs he an expertyWhat about the other descriptionsyWhat if the person said down 34 times Can experts predict betteryThere is a great deal of evidence that shows that experts dont predict any better than normal peopleyRat Was placed in Tshaped mazeyFood was kept randomly on either the right of the left side of the TyOver the long run food was kept 60 of the time on the left and 40 on the right sideyNeither the students nor the rats was told these frequenciesyRats were right roughly 60 of the timeD passing gradeyStudents scored 50 Classic Linda ProblemyLinda is thirty one years oldsingle outspoken and very brightyShe majored in philosophyyAs a student deeply concerned with issues of discrimination and social justice and also participated in antinuclear demonstrators
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