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COMM 105 > Midterm 1 > Flashcards

Midterm 1 Flashcards

Modules 1-5 (67 cards)

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1
Q

What is Survivorship Bias?

A

Basing your decisions off of examples who have survived, ignoring those who did not survive.

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2
Q

What is the Default Effect?

A

When the default option is more likely to be chosen (e.g., Organ Donor Program)

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3
Q

What is Anchoring?

A

A bias where we hear a number and “anchor” our decision closer to the number that was stated.

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4
Q

What is the Availability Heuristic?

A

Judging the probability of an event occurring by how easily it comes to mind. (e.g., what % of death is caused by war? ~0.2%)

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5
Q

What is Ensemble Probability?

A

The ruin of one does not ruin the others. There is no compounding of risk.

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6
Q

What is Time probability?

A

The accumulation of risk over time, low risk choices become high risk.

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7
Q

What is the Base Rate Fallacy?

A

Representative Heuristic - We allow assumptions to influence our decision instead of logic (e.g., most students are enrolled in Arts)

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8
Q

Difference between Availability and Representative Heuristic?

A

Availability - estimate likelihood of event based on recall of similar events.
Representative - based on known representation of situation

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9
Q

What is the exponential Growth Bias?

A

We are not intuitively understanding of exponential growth because it is not normally distributed.

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10
Q

What is Prospect Theory?

A

We feel that losses hurt more than gains feel good. We are more likely to take a risk when avoiding a loss. Likely due to ancestral reasons.

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11
Q

Peak End Rule?

A

We neglect the duration of the experience. We remember the pain/pleasure based on the peak and/or the end of an experience.

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12
Q

Gambler’s Fallacy

A

If something happens more frequently than normal, it will/should happen less frequently in the future (“if red hits 20x on Roulette, black will definitely hit next spin”)

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13
Q

Endowment Effect

A

Once ownership is established, people value it more, even if it’s randomly assigned.

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14
Q

Sunk-Cost Fallacy

A

Making a choice based on not what will produce best outcome, but based on previous investments so they don’t go to “waste”

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15
Q

Planning Fallacy

A

The plan usually looks a lot more straightforward and clear, but the path is a lot more unclear.

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16
Q

What is the antidote to the Planning Fallacy?

A

Premortem - Write down EVERYTHING that could go wrong and consider how the plan can adapt/change.

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17
Q

What is a Maximizer?

A

People who want the best options. (Leads to higher paying jobs, but less life satisfaction)

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18
Q

What is a Satisficer?

A

People who want the “good enough” options. (Leads to lower paying jobs, but higher life satisfaction).

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19
Q

What is the law of reciprocity?

A

w > (c/b)

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20
Q

What do the variables mean in “w > (c/b)”

A

w = probability of another encounter
c = cost of reciprocating
b = benefit of reciprocating

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21
Q

What is Indirect Reciprocity?

A

Indirect reciprocity is when a 3rd party sees or is influenced by the act of reciprocity

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22
Q

What is Upstream indirect reciprocity?

A

When someone reciprocates to a 3rd party

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23
Q

What is Downstream reciprocity?

A

When the 3rd party reciprocates to the original do-er of the act.

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24
Q

What are the 6 principles of persuasion?

A
  1. Reciprocity
  2. Commitment and Consistency
  3. Social Proof
  4. Liking
  5. Authority
  6. Scarcity
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25
What is escalation of commitment?
The manifestation of the sunk-cost fallacy (e.g., giving a bad worker more training instead of firing them because of the amount you've invested in them)
26
What is Social Proof?
People look towards other when making decisions (e.g., if someone is being followed by paparazzi, you assume they are someone important)
27
What is Liking?
People are more likely to agree to offers from people whom they like.
28
What is Authority?
We tend to defer/be persuaded by authorities/people in power. We respond specifically to those with symbols (uniforms or badges)
29
What is Scarcity?
We tend to assign more value to opportunities when less of them are available.
30
What are the 4 factors that affect salary?
1. Market Rate 2. Your Qualifications 3. Employer's Budget 4. Your skill in negotiating
31
What is BATNA?
Best Alternative To a Negotiated Agreement
32
How does a strong BATNA affect negotiations?
if a party has a strong BATNA, they can be bold and ask for more
33
How does a weak BATNA affect negotiations?
If a party has a weak BATNA, they must be willing to accept the offer that is presented to them.
34
What is ZOPA?
Zone of Possible Agreement
35
What is Anchoring?
Being the first to suggest a specific target can result in the outcome being close to the "anchor"
36
What is a phantom anchor?
Suggesting a specific target, but immediately going to a different target to take advantage of anchoring
37
What does MESO stand for?
Multiple Equivalent Offers Simultaneously
38
What are MESOs?
Present multiple offers that you value equally to appear more flexible
39
What is the "Hands-are-tied" strategy?
The other party saying they have limited discretion to negotiate.
40
What is the "Take-it-or-leave-it" strategy?
An ultimatum made by one party to get the other party to cave to the offer.
41
How can you ensure you get the offer you want, even if it's not currently possible?
You get it in writing to revisit after a set amount of time.
42
What are the steps of the briefcase technique?
1. Set up metrics on how to be a top performer 2. Keep a log of your performance based on those metrics 3.In the meeting, talk about your logs on the metrics. Talk about other ways you contribute to the company. Talk about your current salary and the market value of your position with the current metrics you're achieving.
43
What are Proximate Motives?
Immediate thoughts or emotions that occur to lead people to engage in certain behaviours (i.e., Emotional Connection for Friendship)
44
What are Ultimate Motives?
The underlying incentives to occur/explain behaviour (i.e., Companionship for Friendship)
45
What is a pull mechanism?
When an individual sees personal benefits
46
What is a push mechanism?
When society looks fondly upon you for an action.
47
What are the 2 types of learning?
1. Reinforcement Learning 2. Prestige Learning
48
What is Reinforcement Learning?
Reinforced by environment to continue or stop current behaviour (i.e., telling a joke and no one laughs you will stop telling jokes)
49
What is Prestige Learning?
When we learn through watching and imitating those we deem prestigious.
50
What is the benefit of indirect speech?
Allows for plausible deniability (i.e., Maitre D example within a restaurant)
51
What is a free rider?
Someone who benefits from a situation, but does not contribute to the situation
52
What is the tragedy of the commons?
When everyone tries to claim as much as they can from public resources that leads to the resource being used up.
53
What are the solutions to the Tragedy of the Commons?
- Property Rights - Punishments
54
What has been shown to increase internal cooperation within a business?
-High levels of competition - Punishment on free riders
55
What is the second-order free rider problem?
When someone doesn't punish a free-rider, they become a second-order free-rider.
56
Why does punishment signal trustworthiness?
Punishing others for wrongdoing signals you have good morals.
57
What are the 2 routes to high status?
1. Prestige - You have earned through hard work and development of skills in your field. 2. Dominance - people are afraid of you.
58
What direction is the status given for dominance?
FORCED From above
59
What direction is the status given for Prestige?
FREELY From below
60
3 Characteristics of Charismatic People
1. Active listening 2. Smile Genuinely 3. Asking Meaningful Questions
61
What are the type of hierarchical steepness?
1. Steep - Lots of layers to an organization 2. Flat - Few layers to an organization
62
What is inevitable in an organization?
Hierarchy
63
What is the "Us vs. Problem"?
It should never be "me vs. you", but always "us vs. the problem" to promote collaboration and limit conflict
64
What is Dunbar's number and what does it represent?
- 150 - The average human can comfortably maintain 150 stable relationships.
65
What is identity fusion?
Having your self identity begin to fuse with the organization/team identity (i.e., you view yourself as one in the same as the team)
66
Should you ask for help in an organization?
Yes, the people you ask for help will actually see you as a more competent person.
67

COMM 105 (4 decks)

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