Lecture 13 Flashcards Preview

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Flashcards in Lecture 13 Deck (10):
1

anchoring

when someone hears the numeric value we first state, they recognize they have to adjust for their own interest, but they don't adjust suficiently

2

fixed pie bias

not being able to look beyond the initial picture; you can make a win-win situation and create value for everyone

Ex. Israel-Egypt negotiations

3

creativity and constraints

most creative people like to deal w/constraints; constraints help creativity, but type of constraint matters (Berg)

4

heuristic

simple, basic rules of reasoning that can lead us astray

cognitive shortcuts that are adaptable for limited information processers, but lead to predictable traps

5

biases in judgement

individual judgement and decision making is characterized by bounded info processing, and this leads to biases in judgment
1. availability heuristic
2. over-sampling positive cases
3. forecasting well-being

6

availability heuristic

ex. more likely to die by disease or car accident?
disease = more likely
car accident = more available, captures attn

7

over-sampling positive cases

if 1st impression of restaurant is +, you're going to come back

8

forecasting well-being

other people oftentimes are better predictions than our own imagination

9

paradox of choice

more choice is exhausting, leads to more anticipated regret

10

primal marks

primal mark = the first bit of content employees start with as they generate ideas, which anchors the trajectory of novelty and usefulness.

Familiar primal marks foster usefulness at the expense of novelty, while new primal marks foster novelty at the expense of usefulness.

Integrative primal marks that combine new and familiar content, fostering an optimal balance of novelty and usefulness