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Framing and Reversal of Preferences

4 important questions on Framing and Reversal of Preferences

Why do people rely on the decision-making heuristics?

Heuristics provide efficient ways to simplify complex decisions

People have bounded awereness

that prevents them from noticing or focusing on useful, observable, and relevant data.

What is the slippery slope theory?

One tiny step away from high ethical standards puts a corporation on a slippery slope downwards. But if these lapses are more likely to occur through tiny slips. So when our behavior becomes unethical one step at a time, we are less likely to notice that we behave this way.

What os the Evaluability Hypothesis?

When two stimulus options involve a trade-off between a hard-to-evaluate attribute and a easy-to-evaluate attribute, the hard-to-evaluate attribute has a lesser impact in a separate evaluation than in a joint evaluation, and the easy-to-evaluate-attribute has a greater impact

The question on the page originate from the summary of the following study material:

Judgment in managerial decision making | 9780470049457 | Max H Bazerman, et al

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