bus.dec.lec.18

bus.dec.lec.18 - The Illusion of Control Business Decisions...

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1 The Illusion of Control Business Decisions SOC 138/ECO 149
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2 Class Overview Three Components: Part 1: Models of Rational and Irrational Decision Making Behavior Part 2: Pathologies in Individual Decision Making Part 3: Decision Making in Social Contexts
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3 Life as a Card Force The card force as a metaphor for decision making in the real world It often appears as though we choose our actions from a vast set of possibilities In practice, however, our options are often highly constrained by social structure (e.g., market forces, laws, organizational norms, etc.) As with the card force, we may not be aware of the factors which determine our destiny In order to make optimal decisions, we must have a realistic idea of our own efficacy – this requires thinking carefully about the “big picture”
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4 The Illusion of Control In the card force, the “trick” lies in making the subject think that they are in control (while the magician runs the show) Predisposing elements (Langer, Gold, etc.) (Apparent) choice or other direct involvement (especially physical contact) Familiarity with options or “decision” process Differential outcomes (esp if unpredictable) Early “success” (i.e., positive outcomes) Social comparison/skill frame Compare to illusionary expertise – here we are fooled into exaggerating our own agency
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5 Examples “Skill” in the casino Regular roulette players believe the game to be skill-based; believe croupiers to be able to pick which numbers will come
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This note was uploaded on 01/17/2011 for the course ECON 149 taught by Professor Sohrabian during the Fall '08 term at UC Irvine.

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bus.dec.lec.18 - The Illusion of Control Business Decisions...

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