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Tutorial 3

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11 views

Tutorial 3

Uploaded by

Rose
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© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Book Review

• Font size of 12
• Neutral font
• Please JUSTIFY your text
• Do not have long paragraphs
• Follow the instructions we set out in the assessment tab
• Please make sure you do not PLAGARISE, remember we will get the TI scores
• Referencing
• AI
• Book titles in italics
What is text justification

• Direct liaison with the Economics Society and in particular the President of the
Society. As you know we have created a link between the Society and the
department in this academic year. What we found last year was that the
President of the Society, a 3rd year student, was extremely committed but had
understandably other academic commitments and as such limited bandwidth.
In particular we have identified a number of areas that the SEO could work on
which are around 2 basic ideas; first around improving the overall student
experience for our students and second to create a sense of identity for
Economic students. The SEO could work closely with the President to forge
further the relationship between the society and the department.
How did this go and what does it
relate to?

• Give your friends 5 seconds to come up with the answer to one of the
following multiplication problems. In other words ask some to solve for a) and
others to solve for b)

• 1x2x3x4x5x6x7x8 or
• 8x7x6x5x4x3x2x1
The concept of anchors is well
established but what K&T showed
that anchors still work even when
the anchor is totally arbitrary and
unrelated to the decision process
• Their research showed that
people’s judgement was
influenced by an “obviously
uninformative number” p. 120
• German judges with an average of more than 15 years
of experience read a description of a woman who had
been caught shoplifting, then rolled a pair of dice that
were loaded so that they landed on either a “3” or a
“9”.

8
• When the dice came to a stop, the judges were asked 2 questions
• 1) whether they would sentence the woman
to a term in prison greater of less than that
shown on the dice.
• 2) The judges were asked to specify the exact
prison sentence they would give to shoplifters.
• On average those that had rolled a “9” said they would sentence her to 8 months whilst
those that had rolled a “3” said that they would sentence her to 5 months.
• (source: Thinking, Fast and Slow by D Kahneman)

10
• Even experts decision making is
affected by psychological factors, even
if we want to believe that this is not
the case.
• How might an understanding of the
anchor effect assist you in a negotiation
process?
• Anchoring is a form of PRIMING

• We know we are affected by priming in a subliminal way


and that we are also not aware that it affects us.

• Unconscious bias.

• Does this create any ethical issues?


Priming behaviour
• Experiment conducted around an honesty box at University
• Members of staff put money into an honesty box to pay for
their tea and coffee
• A poster was put next to the price list for 10 weeks. The
picture on the poster each week was either a flowers or
eyes looking directly ahead
In which scenario did people act more honestly?
• On AVERAGE the users in the kitchen contributed almost
three times as much in “eye” weeks than they did in
“flower” weeks (TF&S p. 58)

• “Evidently a purely symbolic reminder of being watched


prodded people into improved behaviour” p. 58
Can you think of any examples how PRIMING might have
been used or could be used around Covid?
Scent priming
• https://www.researchgate.net/publication/280496594_Priming_Hand_Hygiene_Complia
nce_in_Clinical_Environments
• This study set out to investigate whether priming via olfactory and visual cues influences
hand hygiene compliance. Randomized controlled trial set in a surgical intensive care unit
(SICU) at a teaching hospital in Miami, Florida. The primary outcome data involved
observations-a mix of health professionals and service users were observed entering the
SICU by 2 trained observers and their hand hygiene compliance was independently
verified. Interventions included either an olfactory prime (clean, citrus smell) or visual
prime (male or female eyes). The primary outcome measure was hand hygiene
compliance (HHC) measured by the visitor using the hand gel dispenser. At a 5% level
there was significant evidence that a clean, citrus smell significantly improves HHC
(46.9% vs. 15.0%, p = .0001). Compared to the control group, a significant improvement
in HHC was seen when a picture of "male eyes" was placed over the hand gel dispenser
(33.3% vs. 15.0%, p < .038). No significant improvement in HHC was seen when a picture
of female eyes was placed over the same hand gel dispenser (10.0% vs. 15.0%, p = .626).
This is one of the first studies to demonstrate that priming can influence HHC in a clinical
setting.
Fairness Vignettes

• A shortage has been developed for a


popular model of automobile and
customers have to wait 3 months for
delivery. A dealer had been selling
these cars at the list price but decides
to start selling them at £300 above the
list price.

Fair or unfair
71% unfair
• Same scenario as before,
however the car dealer has been
selling cars at a discount of £300
to the list price. Now the dealer
sells the cars at the list price only.

• Fair or unfair?
58% fair
• Why the difference, in both cases there
is an increase in the price by £300.
• The coding of FRAMING of outcomes of an
outcome as either a gain or a loss affects our
Lesson beliefs of fairness
• A company has a large stock of
peanut butter in store. The owner
hears that the price of buying in
peanut butter has increased and
immediately rises the price of his
own existing stock.

• Fair?
•79% unfair
• There is a transportation
mishap which means that
the price of lettuce increases
by 30 p per head for a
grocer. The grocer raises the
price of the lettuce by 30 p
and in effect passes on the
increase to the consumer.

• Fair?
• 79% fair
We perceive it to be fair In that scenario the
when a company is business is not protecting
protecting itself from a loss itself from a loss but rather
much more than if they are making a gain and this is
doing something to make a perceived as unfair when it
profit. comes to passing on costs.
• An example of an experiment to test
overconfidence
The experiment I.
• Think about the following.
• We conducted an experiment to measure how overconfident people
are.
• The participants received the following instructions on their
computer:
• You will have one minute to solve as many calculations (adding up 6 2-
digit numbers) as possible.
• You receive 1 Pound for each correct calculation
The experiment
Partipants are told the following:
• You are randomly allocated with 3 other participants into a group of
4.
• Before solving the calculations, please state if you think that you will
save more calculations correctly than the average number of correctly
solved calculations within a group.
• If you guess is correct, you will receive another 2 Pounds.

After they state their belief, they start with 1 minute calculation
solving.
The data
• You receive an excel sheet with the following variables
• Nr: is just the unique participant number
• Group ID: ID of the group a participant belonged to
• Female: equal to 1 if someone is female
• Age: age in years
• Nationality: participant’s nationality
• Belief: equal to 1 if they guess they solve more calculations
correct than the group’s average performance
• Performance: number of correctly solved calculations
Here is the actual data
Nr Group ID Female Age Nationality Belief about performance Performance
1 1 1 20 UK 1 6
2 1 1 28 Italy 0 6
3 1 0 19 Germany 1 2
4 1 0 28 Italy 1 2
5 2 0 27 Germany 0 5
6 2 1 24 UK 0 1
7 2 1 26 UK 1 2
8 2 1 19 India 0 1
9 3 1 26 China 0 7
10 3 0 26 India 1 6
11 3 0 27 UK 1 5
• What sort of calculations could
you make from this
• Why might one be SCEPTICAL
of the results of the MT?

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