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Content: judgment in managerial decision making
Author: Max H. Bazerman & Don A. Moore
Abstract: chapter 7 the escalation of commitment
This chapter opened with an explanation of the individual tendency to escalate commitment and to show how a competitive environment increase the tendency to escalate commitment and explanation for the psychological tendency to escalate and offers recommendations for eliminating irrational escalation behavior. There are two categories of escalation behaviors, which are the unilateral escalation paradigm and the competitive escalation paradigm. It is quite interesting example for competitive escalation. J&J verse Boston Scientific merge and acquisition on Guidant. There are four classes of explanations triggers escalation of commitment, which are perceptual bias, judgment bias, impression management and competitive irrationality.
Learning: thinking before actions will be taken. And take consideration on choices and behaviors of others including competitors, partners.
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