C. H. Moore's Judgment In Managerial Decision Making

Chapter 3 in the book “Judgment in Managerial Decision Making” written by Max. H Bazerman and Don A. Moore is titled Common Biases. This focuses on the common biases that diverges a successful logical decision from being made. The 11 most common biases are ease of recall(1), retrievability(2), insensitivity to base rates(3), insensitivity to sample size(4), misconceptions of chance(5), regression to the mean(6), the conjunction fallacy(7), the confirmation trap(8), anchoring(9), conjunctive and disjunctive events(10), hindsight and the curse of knowledge(11) (Bazerman,Moore chpt2).
A video published on YouTube by Skeeker titled “Why The Lottery Is So Seductive” talks about the lottery and it’s ridiculous odds of winning yet the popularity of it in society. The reason why people play the lottery is up for debate but for the most part it relies on the decision-making process of buying into it. The biases from Bazerman and Moore that best support the theory of why people play the lottery are the ease of recall and the misconception of chance. The video explains that people play the lottery because they are focused on obtaining lots

Make Up Your Mind” a transcript talk by Michael Mainelli, expresses some of the same ideas as written by Bazerman and Moore. Biases 4, insensitivity to sample size assents to the event in the article that describes an advertising scheme for the lottery that was directed at low income communities. There was a billboard that read “from Washington street to Easy street” referring to the chance that someone won the lottery and received cash to live a luxury life(Mainelli,5). The Bias is used in the billboards advertising for the lottery due to the way it conveys the glorified notion of winning but not the logical reality of the low odds of someone winning. This article sights the decision-making process works of Daniel Kahneman and Amos Tversky just as the book by Bazerman and