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Exam 3 Notes (scored 92%)

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Department
Management
Course
MGT 3513
Professor
All Professors
Semester
Spring

Description
Exam 3 NotesOctober 31 Missed class on November 7November 9 D Common myths about interdependent decision makingIts a game of wits I can outsmart themIts a game of strength show them whos bossIts a game of chance hope for the bestE Prisoners dilemmaWhat decision will advance your interest the most You always want your interest athand Oneshot decisionsDefection is the optimal strategyThelmaDo not confessConfessLouiseDo not confess11150Confess0151010Louise ThelmaOptimal to always do not confess defectionlook at how to figure out NERepeated interactionsDo you have a fixed amount of time of interactionsWith known enddate to figure out optimal strategy backward induction end of relationship is a one shot so defectwhenever you know someone is about to leave your desire to cooperate decreases substantially Without unknown enddate to figure out optimal strategy here you should be more cooperative but do not be cooperative all the time it leaves you open to exploitation Tit for tat start with cooperative move subsequent decisions should be based upon what the other person did in a prior decision if they cooperated last time you cooperate this time if they defect and selfinterest next time you follow their lead on your following turnthis allows for optimal outcomesTit for Tat is effective because it is not a game of winning because it is nice because you always begin with cooperating and you are never the first the defect its tough because people that use it cannot be provoked forgiving strategy because it will reciprocate cooperation not very clevercomplicated for people to figure out whats going on and its easier for your own behavior to influence the other partyover the long run cooperation should be the equilibrium 1PageTacit NegotiationsF Social Dilemmas increase competitive behavior1 People behave more competitively in groups confidence 2 The costs of defection are spread out if you have more people more people will have to handle the burden 3 Social dilemmas are riskier since there are more people involved it is riskier to coordinate and cooperate with all of the people the payoff isnt clear4 Anonymity you can hide behind the other members of the group ex pitching in all the same amount of money for pizzaif you dont pay whos going to be able to figure that out No one5 Less control since there are so many people you have less control over all of them which decreases the benefits of cooperatingResource Conservation Dilemmas how much are they going to take from some available common sourcesyou take in times of the threat of scarcity Public Goods Dilemmas how much people are going to contribute to the public sourcesHow to combat social dilemmas Structural a form of intervention Ex govt regulation or deregulationsGive people incentives to cooperate monitoring peoples behaviorPsychologicalVerbal commitments specify specific and grand goals that everyone can work towardsQ Would you say that the management department runs more smoothly than other departments in the COB given the backgroundteaching area of all of the professors in the departmentAlways look at whether you are looking at negotiationscommunication in the same place and time frame as the other person Richness of communication medium Richest is inperson helps to establish report nonverbals 90 of communication is nonverbal instant feedbackLeast Rich is emailENegotiationsII ENegotiationsAProblems1The Negotiation DanceProposals and counterproposals back and forth and the negotiation process will start to break apart less turntaking during electronic communication which leads to less opportunity to build report and trust with the other sidethere are also few opportunities to reach understandingsand since there is less turntaking most people are less satisfied with their outcome2Risky Interpersonal BusinessTactics that are used are riskier and more aggressive people are more demanding via email issue more threats state ultimatumsall more 2Page
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