Describe Bias, Discrimination – Insights from Behavioral Economics.

Based on a delivered team presentation ( Bias, Discrimination – Insights from Behavioral Economics), compose a short write up in no-more than 1.5 pages excluding diagrams and tables:

1) A brief discussion of the overall subject of the presentation

2) 2-3 specific aspects of the case that merit further analysis. For example, you could focus on a key decision point in the case and offer your suggestions on how to proceed

3) A closing discussion of what this presentation tells us about how economics explains markets and aids managerial decision-making for executives in similar/adjacent sectors

General guidelines for write-up:

Do not summarize facts. You should use the information to lend support to your analysis and recommendations.
Do not attempt to address all issues of the presentation. Identify and elaborate only the most important points.
Use the page wisely. Think very carefully how best to express your ideas in a concise manner, which is a very critical skill for your future career and highly demanded by potential employers.
You are highly encouraged to use annexes (created by you, not cut and paste from other sources) in your analysis. Most, if not all, good reports and proposals contain insightful and nicely presented annexes.
A manager has to sell his/her ideas to a host of audience. It is important that your ideas, however marvelous they are, have to be presented clearly. It is expected that the case write-up that you turn in is a product of at least 1 โ€“ 2 revisions.
General grading criteria are as follows:

Ability to apply concepts learned in class discussed in the course to address the case questions in a rigorous manner.
Ability to demonstrate clear and consistent logic.
Ability to justify your arguments making full use of the information provided (but no information beyond the case).
Ability to express your ideas clearly and concisely.

Answer & Explanation
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Bias and discrimination are complex phenomena that can manifest in many different ways. Behavioral economics provides insights into these phenomena by studying how people make decisions and behave in various situations. Here are some key insights from behavioral economics regarding bias and discrimination:

Implicit biases: Behavioral economics research has shown that people can hold implicit biases, which are unconscious attitudes or stereotypes that can influence their behavior without them even realizing it. For example, a person may have an implicit bias against people of a certain race or gender, and this bias can affect their decisions without them even being aware of it.

Confirmation bias: People tend to seek out information that confirms their existing be

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Step-by-step explanation
liefs and opinions, while ignoring or discounting information that contradicts them. This can lead to biased decision-making and discriminatory behavior, as people may only consider information that supports their preconceptions.

Availability bias: People tend to overestimate the likelihood of events that are more readily available in their memory or imagination. For example, if a person hears about a crime committed by a member of a particular ethnic group, they may become more fearful of that group even if the crime rate among that group is actually lower than other groups.

Social norms: People are influenced by social norms, which are unwritten rules or expectations about how people should behave in certain situations. These norms can lead to discrimination, as people may feel pressure to conform to prevailing attitudes or behaviors towards certain groups.

In-group favoritism: People tend to favor members of their own group over members of other groups, even if those other groups are equally deserving. This can lead to discrimination against members of other groups, as people may be more likely to hire, promote, or provide resources to members of their own group.

Overall, these insights from behavioral economics suggest that bias and discrimination are complex phenomena that are influenced by a variety of factors, including unconscious attitudes, cognitive biases, social norms, and group dynamics. By understanding these factors, we can work towards reducing bias and promoting greater equality and fairness in our society.

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