Profit and Other Values: Thick Evaluation in Decision Making

2017 ◽  
Vol 27 (3) ◽  
pp. 353-379 ◽  
Author(s):  
Bastiaan van der Linden ◽  
R. Edward Freeman

ABSTRACT:Profit maximizers have reasons to agree with stakeholder theorists that managers may need to consider different values simultaneously in decision making. However, it remains unclear how maximizing a single value can be reconciled with simultaneously considering different values. A solution can neither be found in substantive normative philosophical theories, nor in postulating the maximization of profit. Managers make sense of the values in a situation by means of the many thick value concepts of ordinary language. Thick evaluation involves the simultaneous consideration of different values: making sense of a value always involves knowing how to engage with it given the other values in the situation. This also goes for profit: maximization is only one way of engaging with the value of profit, and grasping whether maximization is appropriate involves considering other values. We discuss some consequences of our approach for stakeholder theorists and profit maximizers.

Author(s):  
David Wendell Moller

Being in the trenches with patients and other caregivers while working collaboratively toward a patient’s goals is a fantastic experience. However, it is equally important to be cognizant of the many difficulties to be encountered while working in the trenches. When caring for patients who are marginalized, the highs and lows of being a medical provider for this population can be extreme because of the circumstances surrounding both their medical and social situations. Practicing principles of collaborative decision-making, along with seeking to understand and empathize with others, serves to complement the other tools that are required to navigate this profession successfully. Educating the next generation of medical providers on how to step out of their comfort zone and engage a diversified population of patients will ensure that patients have providers who are willing to be in the trenches with them for the days to come.


2004 ◽  
Vol 44 (1) ◽  
pp. 105-108 ◽  
Author(s):  
Jack Dougherty

Some teaching innovations arise from a combination of good intentions, last-minute planning, and incredible luck. Colgate University hired me in late July 1997 as a visiting professor for the fall semester. As I scrambled to finish my dissertation and move my family, only a few days remained to pull together the syllabus for a course on Race and Education. I wanted to begin this contemporary course with an historical focus, delving into African-American experiences with school desegregation during the mid twentieth century, but could not decide on which of the many excellent historical case studies to assign. The bookstore wanted my order as soon as possible. So I ordered two books—David Cecelski's Along Freedom Road and Vanessa Siddle Walker's Their Highest Potential—hoping that at least one would arrive on time. When both magically appeared on the bookstore shelves a day before the first class, I decided to innovate and revised the syllabus. Half of the students would read Cecelski; the other half would read Walker. Despite some initial confusion, my students began to engage in serious discussions over historical interpretations of school desegregation, demonstrating a level of depth that would not have happened had I assigned only one book to the entire class.


Author(s):  
Seda Süer

Financial management is crucial for tourism enterprises as well as the other enterprises that focus on obtaining and effectively utilizing the funds necessary for efficient business operations. The primary objective of an enterprise is to generate profit that is the revenues must exceed the expenses. The indisputable fact is that financial managers require the skills to make the best decision for profit maximization. Otherwise, the resources are wasted, poor decisions get made, and the financial performance of the organization suffers, as a result. The aim of this chapter is to determine the essential financial management skills for owners/managers of tourism enterprises to improve their financial performance. Therefore, essential financial management skills are identified according to the financial characteristics of tourism enterprises for financial managers to improve and develop the financial performance of the enterprise.


1983 ◽  
Vol 1 (1) ◽  
pp. 172-195 ◽  
Author(s):  
David Sidorsky

THE INAPPLICABILITY THESISThere is a gap between the idea of distributive justice and the many factors that are morally relevant for decision making on economic issues. Only to a degree can this gap be attributed to the distance between “ideal reach” and “practical grasp,” to the legitimate difference in detail between an abstractly delineated economic scenario and a concrete set of circumstances, and to the disparate idioms and metaphors of theoretical and practical discourse. Rather, the gap indicates a fundamental problem with the concept of distributive justice. The problem, that is here termed the “inapplicability thesis,” is that even if distributive justice in abstract formulation were to be accepted as a value, its application in economic decision making is indeterminate.


Author(s):  
Dimitar Christozov

The Simon’s model of the decision-making process includes the phase of choosing among alternatives or options, designed for solving the given problem. Usually an option dominates in some of the properties and is less suitable according to others. Making a rational decision in choosing an option means to balance between different properties. There are two principle strategies in performing this task: • To evaluate every option on the whole set of properties, and • To apply a procedure to extract the best (the most suitable) one. Integration of information associated with the multiple properties of competitive options into a single measure is presented and discussed. Options could be goods to purchase, list of products for manufacturing, suppliers, services, technologies, and even candidates for a given position. The common in all such cases are: • The decision maker has to assign a value to every option in the competing group by comparing it against its alternatives—the other members of the same group. Further, we shall call this value integral quality indicator of the option. • Options in the group are described with a common list of properties or characteristics, which we will call further single quality indicators of the option. Different measures, designed to integrate the information provided by single indicators, are presented and discussed.


PMLA ◽  
1961 ◽  
Vol 76 (5) ◽  
pp. 519-527 ◽  
Author(s):  
Geoffrey H. Hartman

The AIM of this essay is to examine Descriptive Sketches (written in 1791-92, published with An Evening Walk in 1793) as a poem with its own personal and stylistic integrity. Though not, of course, a great or even very exciting work of art, its relation to Wordsworth's growth as man and poet has been neglected. One reason for this neglect is Legouis' account of its derivative nature: the many borrowings in it from eighteenth-century writers and the extensions of their technique. Legouis is controvertible only on the ground of method: by atomizing the poem he shows convincingly that a great proportion of phrases have a direct or exaggerated relationship to that “gaudiness and inane phraseology” Wordsworth was later to condemn. His view of Descriptive Sketches as mainly patchwork, though sincere and really alive to nature, has prevailed almost continuously. The few notable attempts to go beyond Legouis should, however, be mentioned. M. L. Barstow, an exact reader, discriminates Wordsworth's “faults” from those of the eighteenth-century landscape school, and states against Legouis that what we find in Descriptive Sketches is “not the remnant of an old style; it is the crude but vigorous beginning of the new.” But because of her specific approach, the study of Poetic Diction, she does not, except in a general way, correlate Wordsworth's stylistic struggle with a particular phase in his personal development. De Selincourt, on the other hand, writing almost forty years after Legouis, tried to combine the study of the poet's style and that of his mind. “The early crudities,” he declared, “of a great and original poet have a value irrespective of their intrinsic merit in the light they throw upon that fascinating … study, the growth of a poet's mind and art.” He applied his principle vigorously to “The Vale of Esthwaite” and other juvenilia, but An Evening Walk and Descriptive Sketches proved too discouraging. After briefly summarizing the flaws of the former, he passes over its companion with: “The faults of An Evening Walk were exaggerated in Descriptive Sketches,” and we hear no more of that juvenile disaster. Arthur Beatty, at about the same time, gives the fullest and most suggestive account we have of the poem, yet also hedges on its language, said to be, in parts, “almost all borrowed” from two earlier travelers to Switzerland, Coxe and Ramond. The only recent consideration of Wordsworth's early style as something sui generis comes from F. A. Pottle, who sees in An Evening Walk “a powerful and original genius grappling with the problem of poetic diction.” The remark takes us back to the point at which serious interpretation of the early poems begins, to Coleridge's comment on Descriptive Sketches. “The language,” he says, “is not only peculiar and strong, but at times knotty and contorted, as by its own impatient strength.” It may not be unwarranted, then, to take another look at Descriptive Sketches, to see the significance of its strongly impatient style.


2014 ◽  
Vol 1 (1) ◽  
pp. 108-132
Author(s):  
Marlene Laruelle

The interaction between Central Asia and Afghanistan is conventionally discussed either from the perspective of spillovers or from the other side of the coin, namely economic cooperation around the slogan of reviving the Silk Road. Yet, for a better grasp of Central Asia’s position on the Afghan question, it is necessary to shift the perspective of analysis from international relations to domestic policies. This article aims to decipher the many internal drivers that shape Uzbek and Tajik policies toward and perceptions of Afghanistan. Understanding decision-making mechanisms and the legitimacy of the authorities, identifying elite groups and their connection to their Afghan counterparts, and grasping the process of knowledge production, all help to better understand how Afghanistan’s neighbors shape their policy.


2019 ◽  
Vol 8 (2) ◽  
pp. 353-384
Author(s):  
Bruno Maciel Santos

A falta de consenso sobre uma definição de poder e sobre como lidar com a incerteza nas Relações Internacionais são problemas antigos nessa disciplina. Este artigo apresenta algumas contribuições da psicologia cognitiva relacionadas ao uso de heurísticas decisórias para as discussões acerca do conceito de poder e relacionadas à incerteza no campo das Relações Internacionais. Para tanto, realiza-se uma revisão das visões divergentes acerca do conceito do poder e da incerteza entre os três paradigmas mais influentes nas Relações Internacionais, apresentando como cada um deles define esses dois conceitos e quais as implicações teóricas dessas visões. Apesar de várias definições operacionais, é possível que o conceito formal de poder apresentado por Dahl (1957) seja utilizado como referência para as quatro faces do poder apresentadas. No entanto, essa definição implica necessariamente algum grau de incerteza nas relações de poder, relacionadas à informação, seja pela sua disponibilidade, pela sua confiabilidade, pela ambiguidade ou pela sua subjetividade. Sendo assim, apresenta-se as heurísticas decisórias como forma de lidar com a tomada de decisão em situações de incerteza envolvendo relações de poder, a partir de uma racionalidade circunscrita e ecológica. Essa abordagem é uma, dentre várias possíveis, e não busca impor termos absolutos para a discussão, nem negar as várias contribuições teóricas feitas pelas demais abordagens discutidas, mas sim destacar alguns pontos negligenciados e apresentar novas possibilidades de análise no campo das Relações Internacionais.     Abstract: The lack of agreement about a definition of power and how to deal with uncertainty in the International Relations are long known problems of the discipline. This article presents some contributions from cognitive psychology related to the use of decision heuristics to the discussions about the concept of power and related to uncertainty in the field of International Relations. For this, it revises the different visions about the concept of power and uncertainty among the three most influential paradigms in International Relations, presenting how each one of them defines these two concepts and what are the theoretical implications for these visions. Despite the many operational definitions, it is possible that the formal concept provided by Dahl (1957) be taken as a reference for the four faces of power presented here. Nonetheless, this definition necessarily embeds some degree of uncertainty in power relations as a matter of information, be it because of its availability, its reliability, its ambiguity or its subjectivity. In this sense, decision heuristics are presented as a way to deal with decision-making under uncertainty related to power relationships, from a bounded and ecological rationality perspective. This approach is just one, among many, and does not seek to impose absolute terms to the discussion, nor denies the many theoretical contributions made by the other approaches discussed here, but points out new possibilities for analysis and shed light to neglected terms for debate in the field of International Relations. Keywords: Power; Uncertainty; Decision-Making; Bounded Rationality; International Relations Theories.     Recebido em: outubro/2018. Aprovado em: junho/2019.


Design Issues ◽  
2016 ◽  
Vol 32 (3) ◽  
pp. 42-54 ◽  
Author(s):  
Laura Forlano

Cities are currently being redesigned with sensors and data at their core. Environmental monitoring, crime tracking and traffic mapping are just a few examples of the socio-technical systems that are remaking cities. These systems are emergent sites of politics, values, and ethics where human and nonhuman actors collaborate, negotiate and debate the futures of their cities. One the one hand, they can be used for prediction, measurement and decision-making, but, on the other hand, they can also be harnessed to imagine alternative possible urban futures. Designers have an important role to play in mediating, making sense of, and intervening in these projects, which are at the intersection of the work of a variety of stakeholders including governments, business and citizens. This article draws on science and technology studies (STS) to think through ways designers can evolve existing human-centered design (HCD) methodologies to contend with socio-technical complexity at a time of great economic and environmental crisis. In particular, this article argues that it is necessary to create and explore methodologies that decenter the human and take the nonhuman seriously in order to meaningfully engage in the design of cities with more responsible, accountable, and ethical ways of engaging with emerging technologies.


Author(s):  
Stefan Scherbaum ◽  
Simon Frisch ◽  
Maja Dshemuchadse

Abstract. Folk wisdom tells us that additional time to make a decision helps us to refrain from the first impulse to take the bird in the hand. However, the question why the time to decide plays an important role is still unanswered. Here we distinguish two explanations, one based on a bias in value accumulation that has to be overcome with time, the other based on cognitive control processes that need time to set in. In an intertemporal decision task, we use mouse tracking to study participants’ responses to options’ values and delays which were presented sequentially. We find that the information about options’ delays does indeed lead to an immediate bias that is controlled afterwards, matching the prediction of control processes needed to counter initial impulses. Hence, by using a dynamic measure, we provide insight into the processes underlying short-term oriented choices in intertemporal decision making.


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