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Overview of Decision Making

GSBS6001 Managing Under Uncertainty – SYDNEY
List of Theories, Concepts and Frameworks 1
GSBS6001 – List of Theories, Concepts, Frameworks
Lecture 1: Overview of Decision Making
Two system of thought (System 1 & System 2)
Bounded Rationality
Lecture 2: Heuristics and Biases
• Availability Heuristic
• Representativeness Heuristic
• Confirmation Heuristic
• Affect Heuristic
• Ease of recall
• Retrievability
• Insensitivity to base rates
• Insensitivity to sample size
• Misconception of chance
• Regression to the mean
• Conjunction fallacy
• Confirmation trap
• Anchoring
Lecture 3: Decision Making under Risk and Uncertainty
Expected Utility Theory
• Decision Tree
Prospect Theory
• Risk averse
• Risk taking
Lecture 5: Personality & Value
• Myers-Briggs Type Indicator (MBTI)
• Big Five
• Core-self evaluation
• Machiavellianism
• Narcissism
• Personality Type A & B
• Hoffstede’s framework
Lecture 6: Psychology of Decision Making
Perceptual Biases
• Halo effect
• Reverse halo effect/Devil effect
• Contrast effect
• Stereotyping
GSBS6001 Managing Under Uncertainty – SYDNEY
List of Theories, Concepts and Frameworks 2
Attribution theory
Attributional biases
• Fundamental Attribution Error (FAE)
• Self-serving bias
• Egocentric bias
Framing Effect
• Attribution framing
• Risky choice framing
• Goal framing
Lecture 7: Group Decision Making
Process Gains in Group Decision Making
• Jahari Window
• Wisdom of Crowds
Process Losses in Group Decision Making
• Cognitive Perspective
o Poor information sharing (Jahari Window)
o Amplification of Biases
§ Overconfidence
§ Sunk cost fallacy
§ Confirmation bias
§ Planning fallacy
• Motivational Perspective
o Social loafing
o Social conformity
o Groupthink
• Social interaction effect
o Group polarization/Choice shift
Lecture 9: Fairness and Ethics in Decision Making
Perception of Fairness
Ethical Frameworks
• Utilitarianism
• Ethics of Principles and Rights
• Virtue Ethics
Bounded Ethicality
• In-group Favoritism
• Implicit Attitudes
• Indirectly Unethical Behavior
Lecture 10: Strategic Decision Making
Guest lecture (see Week 10 lecture notes)
Lecture 11: Improving Decision Making (This perspective might be more appropriate
for recommendation section than analysis section)
Improve task environment (Choice architecture)
• Improve task environment
• Restructure task to fit processing capabilities
GSBS6001 Managing Under Uncertainty – SYDNEY
List of Theories, Concepts and Frameworks 3
• Restructure task to build on biases
Improve the decision maker
• Training with feedback
• Decision support tools
• Using model
• Using group decision

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