“judgment in Managerial Decision Making” by Max H. Bazerman and Don A. Moore
You must always write full question followed by answer for each question. Question must be distinguished highlight or color or underline etc. It must be clear for your instructor to read question and answer clearly.
Do not be too brief.
ASSIGNMENT # 1
1.1 Which of the two cognitive systems (System 1 and System 2) is most often used, and in what kinds of decision is it typically used?
1.2 Describe the term “to satisfice”
1.3 In what ways is our rationality bounded? Discuss the aspects that are bounded in our judgment and how they are bounded.
1.4 What affects whether system 1 thinking or system 2 thinking will occur? What are the conditions which make the use of one system more likely than the use of the other?
2.1 Why do many argue that overplacement is more problematic than underplacement?
2.2 Why, according to research, do people tend to be overconfident in estimating outcomes? Suggest a mechanism for tackling overconfidence.
3.1 An entrepreneur wishes to enter the amusement park business. She has to choose between two strategies:
Open a water park, a theme park and a roller coaster park. Each park has a 75% chance of being profitable after three years. However, the parks require separate marketing efforts, so in order for the whole venture to be successful, all three restaurants must be profitable in the first two years.
Open a chain of three roller coaster parks in nearby counties. Each park has a 25% chance of making profit in the first two years. This project does not require heavy marketing spending, so in order for it to be successful, at least one park must be profitable after three years.
Which option is more likely to be successful? Why do people sometimes choose the less promising option?
3.2 Two groups of people are given score sheets of yesterday’s games in a professional league. One group is given the scores of yesterday’s games in the National Basketball Association, and the other group is given the scores of yesterday’s games in the National Hockey League. The groups are then asked to estimate the average ticket price for a game in the sport of which they read the scores.
How will the two groups differ in their estimates? What bias is responsible for this difference?
3.3 In many organizations, the most competent employees are usually poor in tutoring subordinates and new employees. Indicate the bias that is responsible for this phenomenon and explain how this phenomenon occurs.
4.1 When trying to generate an accurate probability assessment, why is it better to consider all possible outcomes to a problem than to consider each possible outcome separately?
4.2 Describe the main difference between the bounded awareness of individuals and the bounded awareness of groups
A#2 AA 3306 Chapter 5, 6, 7, & 8
5.1 The chapter identifies three steps of making a risky choice free of the biasing effect of reference points. What are these three steps?
5.2 Richard Thaler distinguished between a product’s acquisition utility and transactional utility. On which of these two types does the product’s seller has control, and how?
5.3 A credit card company wants to market a new scheme for its clients, offering them 5% of their yearly spending as a cash gift at the end of the year. How should the company refer to this rebate, and why?
5.3 A firm has exceeded its revenue forecast for the year, and wishes to share some of the surplus with its employees. Outline the bonus scheme that is likely to generate higher levels of satisfaction from the employees, and explain why.
5.4 What is a possible explanation for the observed preference reversal of voters between choices that are evaluated separately and choices that are evaluated simultaneously?
6.1 How do the two selves in the “multiple-selves” theory interact in evaluations of an option that bears short-term gratification and long-term costs?
6.2 Describe one proposed approach to dealing with the conflict between the “want” self and the “should” self.
7.1 What are the reasons for the difference between groups and individuals in the likelihood of escalating commitment and in the degree to which commitment is escalated?
7.2 Explain the paradox that a manager faces, when choosing between changing course of action and escalating commitment to it.
8.1 How do the want and should selves interact in the decision whether to punish someone who is behaving unfairly?
8.2 What is the money illusion, and how does it affect people’s judgment?
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