SMG SM 131 Lecture Notes - Lecture 8: Bernard Madoff
12 Sep 2018
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What are ethics: unwritten rules, we have developed for our interactions with one another, standards of conduct generally accepted that govern society, virtues in action such as honesty, fairness and justice. Unethical decisions: dishonest, unfair and unjust decisions that are costly for you and your business. Bias: in relation to yourself and your personal inability to observe the actions of others. Implicit prejudice: tendency to have unconscious stereotypes, associate or attitudes about other indi(cid:448)iduals (cid:894)e(cid:454). In-group favoritism: show favor to individuals that are like ourselves (ex. Lack of diversity: conflict of interest: tendency to be partial because of tension between self-interest and professional or public interest. (ex. Settling in law to guarantee money, physicals accepting gifts: over-claiming credit: tend to overrate our individual contribution to group leading to unfair judgement of others (ex. Blind spot: ill-conceived goals, motivated blindness, indirect blindness, slippery slope, overvaluing outcomes.
