Decision Making Assignment 4

MGT 611. Decision Making

Assignment 4

To get full credit for this assignment, you must demonstrate that you have reviewed the following material. If you do not, the highest grade you will receive on this assignment is a “C”:

Module 5 Biological and Psychological Basis of Decision Making

Reading: Framing Decisions: Chapter 5, 8, 9

View video: Chapter 5

View video: Chapter 8

View video: Chapter 9

Questions

1. 1. Visual illusions (also called optical illusions) show that the brain can be readily fooled. (1 page)

1. a. What insights do visual illusions offer us regarding the workings of the brain?
2. b. How can these insights be extended to explain the brain’s role in decision making?

1. 2. One of the most intriguing questions we face when studying how the brain functions in making decisions is: What role does the unconscious brain play in decision making? (1-2 pages total)
2. a. What are the strengths and limitations of the conscious brain in decision making?
3. b. How can the unconscious brain contribute to an individual’s decision making capability?
4. c. What do anecdotal accounts—such as those provided by Malcolm Gladwell in Blink—tell us about the role of the unconscious brain in decision making?
5. d. What do experimental studies—such as those carried out by Wilson and Dijksterhuis—tell us?
6. e. Based on the experimental studies reported in Framing Decisions, what are the merits of making on-the-spot decisions vs. decisions after substantial deliberation (e.g, by sleeping on a decision)?

1. 3. Page 104 of Framing Decisions identifies four sets of questions decisions makers need to address when making decisions of consequence in order to surface potential moral hazard situations. Explain the rationale underlying each question. If you ask these questions when deliberating on decisions of consequence, how can you improve the quality of your decision making? (1-2 pages)

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