Transcript The Big Five Personality Dimensions

Personality Dimensions
Emotions: complex, patterned,
reactions to how we think we are
doing in our lifelong efforts to
survive and flourish and to achieve
what we wish for ourselves
Attitude: learned
predisposition to respond in
a consistently favorable or
unfavorable manner with
respect to a given object
Emotional Intelligence: ability
to manage oneself and
one’s relationships in
mature and constructive
ways
Values: involve enduring
beliefs about the
Perception: cognitive process that enables
us to interpret and understand our
importance of family, work,
surroundings
religion, spirituality, family
Motivation: psychological processes
and work roles
cause the arousal, direction, and
persistence of voluntary actions that
are goal directed
Decisions are based on:
– The process of drawing on, interpreting, and integrating
categorical information stored in long-term memory
– Retrieving a summary judgment that was already made
Rational Model
Nonrational models
1. Decision making is uncertain
2. Decision makers do not possess complete information
3. Difficult to make optimal decisions
• Bounded rationality
– represents the notion that decision makers are “bounded” or
restricted by a variety of constraints when making decisions
• Satisficing
– choosing a solution that meets some minimum qualifications,
one that is “good enough”.
• Judgmental heuristics
– rules of thumb or shortcuts that people use to reduce
information processing demands.
• Decision-Making Biases
Availability
heuristic
Overconfidence
bias
Representativ
eness
heuristic
Hindsight
bias
Confirmation
bias
Framing bias
Anchoring
bias
Escalation
bias
Intuition
• Decision-Making Criteria
maximax
maximin
minimax
minimax regret
equal likelihood
Hurwicz
Economic Growth Illustrated
PPC in Year 1
PPC after economic
growth
PPC after more growth
How Saving and Investment Affect
Productivity Growth
• Low rate of investment  low productivity growth
• Capital spending (to replace capital stock) is low
• Investment also  GDP growth (see PPC curves)
Country B has a
higher growth rate than
Country A.
Is Country B China
and Country A the US?