The Price of Equality: Suboptimal Resource Allocations across Social Categories

2010 ◽  
Vol 20 (1) ◽  
pp. 75-88 ◽  
Author(s):  
Stephen M. Garcia ◽  
Max H. Bazerman ◽  
Shirli Kopelman ◽  
Avishalom Tor ◽  
Dale T. Miller
Keyword(s):  
Decision Making ◽  
Social Category ◽  
Resource Allocations ◽  
Social Categories ◽  
Equal Distribution ◽  
Trade Off ◽  
Ethical Implications ◽  
Distribution Of Resources ◽  
Profit Maximizing ◽  
Decision Making Biases

AbstractThis paper explores the influence of social categories on the perceived trade-off between a relatively bad but equal distribution of resources between two parties and a profit maximizing yet unequal one. Studies 1 and 2 showed that people prefer to maximize profits when interacting within their social category, but chose not to maximize individual and joint profits when interacting across social categories. Study 3 demonstrated that outside observers, who were not members of the focal social categories, also were less likely to maximize profits when resources were distributed across social category lines. Study 4 showed that the transaction utility of maximizing profits required greater compensation when resources were distributed across, in contrast to within social categories. We discuss the ethical implications of these decision making biases in the context of organizations.

Understanding Decision-Making Biases in Psychopathy: A Psychopharmacological Perspective

2011 ◽  
Author(s):  
Kimia Honarmand ◽  
Stephanie Bass ◽  
Martina-Christina Kalahani-Bargis ◽  
David S. Nussbaum
Keyword(s):  
Decision Making ◽  
Decision Making Biases

Would you Make the Right Decision? – Decision Making Biases in Economy - Related Dilemmas

2018 ◽  
Vol 9 (1) ◽  
pp. 59-66
Author(s):  
Zsuzsanna Gödör ◽  
Georgina Szabó
Keyword(s):  
Decision Making ◽  
Online Survey ◽  
Framing Effect ◽  
Economic Knowledge ◽  
Bank Account ◽  
Financial Decisions ◽  
Hungarian Population ◽  
The Moment ◽  
The Right ◽  
Decision Making Biases

Abstract As they say, money can’t buy happiness. However, the lack of it can make people’s lives much harder. From the moment we open our first bank account, we have to make lots of financial decisions in our life. Should I save some money or should I spend it? Is it a good idea to ask for a loan? How to invest my money? When we make such decisions, unfortunately we sometimes make mistakes, too. In this study, we selected seven common decision making biases - anchoring and adjustment, overconfidence, high optimism, the law of small numbers, framing effect, disposition effect and gambler’s fallacy – and tested them on the Hungarian population via an online survey. In the focus of our study was the question whether the presence of economic knowledge helps people make better decisions? The decision making biases found in literature mostly appeared in the sample as well. It proves that people do apply them when making decisions and in certain cases this could result in serious and costly errors. That’s why it would be absolutely important for people to learn about them, thus increasing their awareness and attention when making decisions. Furthermore, in our research we did find some connection between decisions and the knowledge of economics, people with some knowledge of economics opted for the better solution in bigger proportion

Making the most of individual differences in joint decisions

2018 ◽  
Author(s):  
Bahador Bahrami
Keyword(s):  
Decision Making ◽  
Direct Evidence ◽  
Cross Cultural ◽  
Collective Decision Making ◽  
Wisdom Of Crowds ◽  
Trade Off ◽  
Adaptive Value ◽  
Joint Decisions ◽  
Cultural Data ◽  
Better Than

Evidence for and against the idea that “two heads are better than one” is abundant. This chapter considers the contextual conditions and social norms that predict madness or wisdom of crowds to identify the adaptive value of collective decision-making beyond increased accuracy. Similarity of competence among members of a collective impacts collective accuracy, but interacting individuals often seem to operate under the assumption that they are equally competent even when direct evidence suggest the opposite and dyadic performance suffers. Cross-cultural data from Iran, China, and Denmark support this assumption of similarity (i.e., equality bias) as a sensible heuristic that works most of the time and simplifies social interaction. Crowds often trade off accuracy for other collective benefits such as diffusion of responsibility and reduction of regret. Consequently, two heads are sometimes better than one, but no-one holds the collective accountable, not even for the most disastrous of outcomes.

scholarly journals Age, Frailty, Resuscitation and Intensive Care: With Reference to COVID-19

Geriatrics ◽  
2021 ◽  
Vol 6 (2) ◽  
pp. 36
Author(s):  
David G Smithard ◽  
Nadir Abdelhameed ◽  
Thwe Han ◽  
Angelo Pieris
Keyword(s):  
Intensive Care Unit ◽  
Decision Making ◽  
Mechanical Ventilation ◽  
Intensive Care ◽  
Cardiopulmonary Resuscitation ◽  
Distributive Justice ◽  
Older Age ◽  
Distribution Of Resources ◽  
Utilitarian Approach ◽  
The Individual

Discussion regarding cardiopulmonary resuscitation and admission to an intensive care unit is frequently fraught in the context of older age. It is complicated by the fact that the presence of multiple comorbidities and frailty adversely impact on prognosis. Cardiopulmonary resuscitation and mechanical ventilation are not appropriate for all. Who decides and how? This paper discusses the issues, biases, and potential harms involved in decision-making. The basis of decision making requires fairness in the distribution of resources/healthcare (distributive justice), yet much of the printed guidance has taken a utilitarian approach (getting the most from the resource provided). The challenge is to provide a balance between justice for the individual and population justice.

Novel Multi-objective Decision-Making and Trade-Off Approach for Selecting Optimal Machining Parameters of Inconel-800 Superalloy

2020 ◽  
Vol 45 (7) ◽  
pp. 5833-5847 ◽  
Author(s):  
Syed Abou Iltaf Hussain ◽  
Binayak Sen ◽  
Archisman Das Gupta ◽  
Uttam Kumar Mandal
Keyword(s):  
Decision Making ◽  
Machining Parameters ◽  
Trade Off ◽  
Multi Objective ◽  
Inconel 800

Marketing and Ethics

2010 ◽  
pp. 1-5
Author(s):  
Fritz Jacki ◽  
Jenny Mead ◽  
Jenny Mead ◽  
R. Edward Freeman
Keyword(s):  
Decision Making ◽  
Market Share ◽  
Business Owners ◽  
Marketing Tactics ◽  
Ethical Implications

Marketing tactics such as pricing, promotion, placement, and product decisions all help business owners create a need for their products or services. What managers seldom realize, however, is that the marketing decisions they make primarily to increase sales and market share have a great impact on society at large and thus have significant ethical implications. These seven caselets, which cover a variety of topics (including “the article of the half-truth,” “creative interview tactics,” and “truthfully representing your company”), explore the ethical implications of decision making in the marketing arena.

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