Search results for: 'biases'
Halo Top Ice Cream & Behavioral Economics AH1-003-I
How do you go about making difficult decisions and what are the key psychological shortcuts and biases that may impair your rationality? This case uses the real-life example of the successful launch of Halo Top’s ice cream brand in the United States as the basis to construct a psychological review of the decision-making process of the company founder, advisers and consumers, helping to identify and illustrate some of the most common principles, heuristics and biases of Behavioral Economics. To do so, the case puts students in young entrepreneur Justin Woolverton’s shoes when he has to decide whether to launch the brand or keep his job as a lawyer, and then goes beyond to review the marketing process and consumer insights that are normally present in product introductions and promotions.
Should Justin quit his highly lucrative day job as a lawyer and pursue his ice-cream making dreams? And, if he were to decide to launch his brand, what are the psychological biases and mind-traps that he would have to avoid (when making his decisions) or factor in (when considering those of his potential consumers)?Academic Area:Organisational Behaviour | Economic Environment & Public Affairs | Others
Decision Making RH1-141-I-M
The case begins by outlining the problems of the Latin American Debt Crisis of the 1980s. The student adopting the role of the president of a fictional Latin American nation during the crisis must analyze the situation in several other countries as part of a defined decision-making process. The two-fold aims of the case are to familiarize the students with South America's “Lost Decade” as well as demonstrate the steps involved in making informed well-reasoned decisions by avoiding typical biases that affect decision making.
The case includes a narrated animation explaining the causes of the Latin American Debt Crisis and an interactive stakeholder map. The situation in Latin America is explained for several countries making this case suitable also for teaching about the crisis generally. The decision making aspect highlights common cognitive biases that can lead to poorer decisions.Academic Area:Human Resources