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Summary: Judgment | Bazerman
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1 Samenvatting
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Strategy of a player
completely elaborated plan of playing
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Strictly dominant equilibrium
multi-strategy where each player has a strictly dominant strategy
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Weakly pareto efficient multi-strategy
a multi-strategy such that there is no multi-strategy where each player has a larger payoff, there is no other state that is for all players better
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Prisoner’s dilemma game
a game with a strictly dominant equilibrium that is weakly pareto inefficient
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Full cooperative multi-strategy
sum of payoffs is maximal
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Test of willpower (Baumeister et al, 1998
aste radish or cookies and after that solve puzzles.
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The logic of feeling (Pham, 2004
affective feelings may tap into a separate system of judgment and decision making with its unique strengths and weaknesses. Affect, feelings, emotions need not be detrimental to sound judgments and decisions.
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Active trading because of overconfidence
people are overconfident in their ability to predict where the market is going next, but frequent trading does not give higher turnovers.
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Mental accounting in investments
‘clearing out’ a portfolio by selling losing shares at the same time and realizing gains consecutively
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The preference reversal phenomenon
product A preferred over B under one method of measurement (f.e. choice) but B preferred under a different but presumably equivalent measurement procedure (f.e. pricing)
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