Business Problem Solutions
LO 1: Identify external expectations through a systematic reflection of the process of
decision making and adapt their own performance accordingly.
Skills and abilities which reinforce employability:
• Coping with ambiguity
• Demonstrating initiative
• Analyse a working brief
• Work collaboratively to solve a given problem
• Locate, extract and analyse data from multiple sources
• Analyse and draw reasoned conclusions and apply relevant theories/ terms to a given
problem
• Demonstrate communication skills: in collaboration with peers; liaising with the module
team; presenting quantitative and qualitative information verbally and written format
• Develop critical and analytical thinking and to recognise where the particular skills or ideas
learned previously may be relevant to solving a particular problem.
Sample Solution
Psychologists have since demonstrated effects of expectations on judgment, where information delivery, either implicitly or explicitly, before an experience or decision, can exert a significant impact on the behavior in question. This study extended these expectation effects to the domain of interactive economic decision-making. Prior to playing a commonly-used bargaining task, the Ultimatum Game, participants were primed to expect offers that would be either relatively fair (a roughly equal split of an endowed amount) or unfair (an unequal split, to the participant’s disadvantage). A third group played the Game without receiving any prior information about expected offers.
