Ethical Decision Making Chapter 7 Summary

The ability for one to make rational decisions is vital, and this is especially true for decisions that can have enormous consequences. The process for making rational decisions is tedious, it requires one to have the opportunity to deeply process, evaluate, and re-evaluate available options. This suggests that rational decisions must be made in the absence of external parties because external influences are capable of preventing individuals from processing information for themselves. Otherwise, this would likely result in the individual coming to rash conclusions that cater to the external parties. Unfortunately, under most circumstances, it is a challenge to make rational decisions, because as social animals, we constantly expose

There are two kinds of errors people make when trying to decide what the right thing is to do, and those are errors in estimating the odds that they're going to succeed, and errors in estimating the value of their own success.

Claim:The most important factor in making decisions is what someone gains from the decision. People only do things because of the rewards they gain, which may not always be positive.

Equally important is the fact that psychological booby traps litter the way to competent decision making. These traps include 1. Anchoring is when our mind engages in giving unequal weight to the first information received. 2. The status-quo where avoidance of taking action would upset the norm. 3. The sunk cost which drives us to make choices based on internal biases (Hammond, Keeny, & Raiffa, 2006). I unwittingly allowed myself to the allure of the sunk cost fallacy basing my previous track record of being able to coach, teach, train, and rehabilitate employees with ailing performance issues and investing excessive time and resources for an employee I should not have

In today’s economy, decision-making skills vary for each household; however, the bottom-line goal for every individual is to get the most for their money. In order to do this, there are 4 principles of individual decision-making: facing trade-offs, evaluating what one is giving up to obtain their goal, thinking at the margin, and responding to incentives.

He thought, “why I loved one girl but not another, why my daily routine was comfortable for the physicians but not for me” (xiii). These irrational thoughts running through his mind led to a greater understanding of the economics behind making predictable choices/decisions. Furthermore, Ariely wrote this book in order to prove the idea that the “rational” choices we make on an everyday basis are actually “predictably irrational”. The discipline that allows Ariely to challenge the way we think is called “behavioral economics.” According to Ariely the latter, “draws on aspects of both psychology and economics” (xviii). Ariely accumulated a fascination for behavioral economics. He said, “I became engrossed with the idea that we repeatedly and predictably make the wrong decisions in many aspects of our lives and that research could help change some of these patterns” Through this quote, we begin to review Ariely’s economic journey through various psychological experiments that tested the decision-making process of many young

Making choices, no matter how big or small they are, can greatly impact one’s daily life. Likewise, every choice carries a consequence of its own: while good choices yield unintended benefits, bad choices often lead to unforeseen drawbacks. “We are free to make choices, “the saying goes, “but we are not free from the consequences of those choices”. Although most people believe that they can predict the outcome of their choices, the choices one makes can have unforeseen consequences, and the consequences are largely influenced by one’s surroundings.

In 2002, psychologist Daniel Kahneman won the Nobel Prize in economics. In the early 1970s, Kahneman and Amos Tversky set out to disassemble an entity of economic theorists, Homo economicus. Kahneman’s main focus was human irrationality. In his career there were three important phases. At first he and Tversky did a series of experiments in which revealed twenty or more cognitive biases. They defined these as unconscious errors of reasoning that distort judgment. Characteristically paired with cognitive biases were anchoring effects which are the tendencies to be influenced by irrelevant numbers we are exposed to. In the second phase of his career, he and Tversky showed that when making decisions under uncertain conditions people do not behave

The first step of the Ethical Decision-Making Procedure is stated as, “1.0 Become Aware of Dilemma” (McNamara). According to the given case scenario, the dilemma is clearly stated. It reads that the client (mother) does not believe in rewards or support the use of them for her son. The mother is going against what the BCBA believes in and stands for, thus causing a direct dilemma. Removing reinforcers is not feasible for the professional BCBA, and this must be properly addressed with the client. Situations like these are where the Ethical Compliance Code comes into place for the sake of the clients and professionals involved.

Management constitute amongst major components of a company, organization or a business. As such, management oversees employees interactions with their supervisors and also control of people within a particular organization. Also, it includes critical and ethical decision-making process so as to address various ethical dilemmas experienced by employees while undertaking their respective assigned duties within the company. Ethical dilemmas are hereby to stay as issues usually arise now and then and place a variety of options that bear different repercussions. Therefore, it calls for ethical and critical decision-making skills so as to make the most appropriate option that bears more benefits in comparison to other options presented. While making ethical decisions, it 's substantially important to play heed to a certain ethical decision-making theory. This would enable an individual making the decision to ripe best possible consequences rather than living to regret. Moreover, ethical decision making is typically important in business as making a wrong decision may result not only in huge losses but also poor relationship amongst colleagues and miserable life for employee(s) working in a particular company or business in question.

Daniel Kahneman is one of the most influential psychologists who has a tremendous understanding on how and why individuals make the decisions they make. In 2002, professor Kahneman received the Nobel Prize in Economic for his contributions integrating insights from psychological research into economic science focusing on human judgment and decisions making. Human decisions are influenced by environmental, physical, and emotional characteristics of life impacting decisions making at any given moment. In the book, Thinking Fast and Slow, Kahneman described in the first part of the book, the basic elements of a two-system approach to judgment and choice. When individuals perceive and react to things automatically and require little or no effort,

Of the numerous decisions consummated during a lifetime, a handful will stand apart in rather dramatic fashion compared to more routine activities emblematic of everyday life. These outliers distinguish themselves with the hallmark of long-term repercussions emanating from miscalculation or misunderstood risk which routinely produces an assortment of financial peril. Such exceedingly prodigious decisions primarily categorize as strategic with their formulation amalgamations of art, science and a smattering of other intangible elements. Undoubtedly, they ought to warrant extraordinary care and thorough investigation going forward, including possible exit strategies. However, time and again, the human equation proves otherwise and omits that

Throughtout this written assignment there will be a discussion on ethical decision making about making a decision on possible ethical consequences that may be placed in your life, and what ethical consequences will be dealt with in the mental health professional field. Decisions could possibility pertain your conduct such as an ethical dilemma that will required a serious decision to be solved by your action as an leader. Even though a leader may not have caused the problem, they do not have a choice but to respond to the issues at the workplace. The key is how would a leader react to the issue and how their reputation and career standards will interfear afterwards. An early recognition could prevent many ethical issues from increasing in the mental health field and work environment. Ethical dilemmas could happen in many different ways, such professionals do have any act of acknowledge by knowing they have allowed themselves to be placed in a predictment without any knowing about it. This assignment will also discuss the scenario, what the reactions were from the team leader, what consequences should take place, the code of ethics and what were the results from decision making.

Nurses often encountered various ethical dilemmas in the practice setting. Both virtue ethics and caring ethics support good ethical decision making for nurses (Park, 2012, p. 149) but these are inadequate to assist in solving an ethical dilemma (Park, 2012, p. 149). For that reason an ethical decision making tool is helpful for the nurses or clinicians to come up with an ethical decision (Kelly, 2012, p. 571) that allows them to gather information, identify any gap of understanding on the issue or the disagreements between the involved parties through a clear communication (Park, 2012, p. 140). Several authors presented an ethical decision making processes (Park, 2012, p. 141), here presented the two processes that can be applied in resolving an ethical dilemma. One example of ethical decision making process is the DECIDE model by Thompson, Melia & Boyd (Allen, Chapman, Francis, & O’Connor, 2008, p. 5) and the Integrated ethical decision-making model which was derived from the combination of the different ethical decision-making models strengths (Park, 2012, p. 140). These two ethical decision-making model steps are identical to each but differ on the detailed instruction on how the steps are to be done or used in actual case. By comparing the two models the integrated ethical decision-making model have a detailed instruction. The

In this literature review, I will examine various decision-making theories and show how each theory is applied in different settings and the correlation between each theory.