RSM100Y1 Lecture Notes - Marginal Utility, Prospect Theory, Bernard Madoff

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RSM 101 -
Bernie Madoff
o Social proof
Integrative thinking
Mental model
o A representation in the mind of a person, thing, phenomena or
o Mind-sets
Collection of assumption about a situation or practice
International Vs. Domestic mindset
Coaching Vs. Controlling mindset
Coaching: listening, advice
Controlling: Orders, set rules
Can be limiting or enabling
When an established mindeset is disrupted: paradigm shift
Thomas kuhn
o Schema
How we organise knowledge about particular concepts and
Generalisations of instances of experience
Person schema
o For each individual that we know (attributes,
Event schema
o Scripts
Representations of knowledge about how
to approach tasks, problems, decisions,
situations, in which we act
Script violation leads to uncertainty and
Role schema
o Expectations about what people will/should do
o Without our knowledge or consent
Self schema
o Mental representations of reality
o “theories in use”
Common Fallacies
o I know the truth (and I assume there is a truth)
o You disagree with me, so you must be wrong
o If we cannot agree, the best thing is to compromise (either choose or
dilute to keep peace)
Why do we cling to our models?
o Typical thinking pattern, problems
o Brain is powerful but not perfect
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