GEOG187 Study Guide - Midterm Guide: Corporate Social Responsibility, Voting Paradox, Stakeholder Theory

• School: University of Waterloo
• Department: Geography and Environmental Management
• Course: GEOG187
• Professor: Kurt Holukoff

Document Summary

We form a particular belief about something we focus on evidence that proves we are right to hold that belief we ignore evidence that suggests that we"re wrong to hold that belief. Why do we fall into confirmation bias: analyzing evidence is hard work, we don"t like being wrong, so why spend time and effort to show that we"re mistaken. Even though we are susceptible to (liable to) the same type of error, we think we are the exception. The student will articulate the first fundamental theorem of welfare economics; Resources will be distributed efficiently in a perfectly competitive market: in other words, allow people to compete for resources and they will trade as long as it is to their benefit to do so. We bring competition into the mix and competition has its own set of norms: ex. These rules allow for actions that are forbidden society more generally.