BUS 326 Lecture Notes - Lecture 5: Satisficing, Sunk Costs, Decision Analysis
15 Oct 2018
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Document Summary
Our brains constantly processing huge amounts of information: make short cuts in processing so that we don"t have to process every bit of information that brain comes across. Perception process through which ppl select, organize, interpret info. Social perception process of combining, integrating, interpreting info about others. Target usually other person which is object of your perception. Attribution process ways in which we try to make sense of other people"s behaviors. Attribution process thru which individs attempt to determine the causes behind behavior: external vs internal attribution. Challenges in judging others accurately: many possible causes of behav, ppl sometimes disguise their true characteristics. Perceptual biases predispositions to misperceive others tht interfere w/ making completely accurate judgments. Fundamental attribution error systematic bias in how individ view their contrib and contrib of to others: egocentric bias overestimate own contrib, can minimize by increasing accountability. Economists: see people as perfectly rational actors and choose optimal decision.
