MKT 317 Lecture Notes - Lecture 1: Bounded Rationality, Decision-Making, Rationality
Document Summary
Exam iii mgt 315: co(cid:448)ers 4 (cid:373)ai(cid:374) su(cid:271)je(cid:272)t areas, decision making, emotions & stress, negotiation, leadership. Self vs other (cid:131) (cid:131) (cid:862)i(cid:374)tuitio(cid:374), ho(cid:449)e(cid:448)e(cid:396) illogi(cid:272)al, m(cid:396). Po(cid:272)k, is (cid:396)e(cid:272)og(cid:374)ized as a (cid:272)o(cid:373)(cid:373)a(cid:374)d p(cid:396)e(cid:396)ogati(cid:448)e. (cid:863) (cid:862) o(cid:373)eti(cid:373)es a feeli(cid:374)g is all (cid:449)e hu(cid:373)a(cid:374)s ha(cid:448)e to go o(cid:374). (cid:863) Programmed vs. non-programmed decisions (cid:120) programmed: automatic response, less thought out process, largely based on experience & intuition (cid:120) non-programmed, result of new, complex situations, problem needs to be solved, should rely on rational decision making model. Faulty decision making: faulty perceptions (cid:131) proximity, similarity, closure. Fundamental attribution error: blame the person, not the situation. Self-serving bias: blame the situation, not ourselves (cid:120) consistency. Steve was the only person who was late. Some other decision making heuristics, biases, & errors . Availability bias: ease of recall (cid:120) giving preference to information and events that are more recent, that were observed personally, and were more memorable. Being afraid to fly after hearing about a plane crash.
