BU288 Lecture 12: Lecture #12
Document Summary
For next class: negotiation exercise in class, negotiation video in class, bring course package sluggers come home notes from video (pp. Decision biases: overconfidence high efficacy, affects risk perceptions, minimize the importance of evidence that is counter to our perspective, escalation of commitment, p 409-410 of text (well structured vs ill structured problems) Decision making biases/errors individual decision making: overconfidence: affect risk perception, confirmation bias/selective perception, escalation of commitment, anchoring effect framing effect, group decision making, groupthink, group polarization. Candle problem alternate framing: when the tacks are given in the box, we only see the box for its current function (as a holder for the tacks) vs when the tacks are outside the box. Groupthink the capacity for group pressure to damage the mental efficiency, reality testing, and moral judgement of decision-making groups favour unanimity over quality decisions. The groupthink process initial conditions conformity-seeking tendency of group characteristics of groupthink.
