What Is the Cause of the Winner Curse - Essay Example

The knowledge of the “Winner Curse" helps an individual to be more creative and innovative in the future decision-making process.

 What is The Meaning of the Term Operation Successful: Patient Dead?

Operation successful: patient dead is defined by Holmes (1985) as a phrase that explains changes and reforms in the healthcare sector. It expounds on possible predicaments that may hinder the transformation process. For example, the transformation in the healthcare sector in Canada can be referred to as operation successful: Patient Dead.

What Is Vicious Circle?

According to Masuch (1983, p. 17), a vicious circle is articulated when a wrong decision in an organization is followed by another wrong decision for a long period. This may be due to poor policies and ideologies

How Can Vicious Circle Be Alleviated?

As observed by Breyer (1993, p. 87), a vicious circle can be alleviated through a change of attitude and improvement in organizational tactics such as a change in decision-making tactics. For instance, the involvement of all stakeholders in the decision-making process is very critical in averting the vicious circle

Essay two

What Is Decision Paradox?

According to Rothstein (2005, p. 67), a decision paradox is a situation where a rational decision-making process leads to unexpected results, which may undermine the objectives and goals of the decision-maker. For example, a failed plan aimed at improving organizational performance can be referred to as a decision paradox (Amason and Mooney, 2008, p. 407).

How Can Decision Paradox Be Eliminated In A Company Decision-Making Process?

As stated by Bell (1982, p.961), to counter the impact of decision paradox, decision-makers ought to identify the decision paradox risks and develop ways of managing them in the decision-making process. For example, any decision to expand organizational operations ought to be preceded by a comprehensive market survey

At Which Situation Is Winner Curse Likely To Occur?

According to Bulow and Klemperer (2002, p. 7), a winner curse is more likely to occur in a competitive environment. The competitive environment leads to an increased level of uncertainty relating to the value of the product or services to bid on (Burger and Walters, 2006, p.789). For example, a winner curse can occur when gamblers lose after betting for a long shot.

Is there a Concrete Scenario Which Can Be Used to Describe the Operation as Successful, But Patient Dead?

Operation successful, patient death can be applied when an organization follows a consistently laid down process but the result turns out to be disastrous to the company (Casper-Futterman, 2011, p. 67).  For example, an operation successful, patient dead can be applied in a situation where the company applies the set down recruitment procedures but ends up recruiting immoral employees in the company (Merton 1957, p. 132).

In Which Situation Does Vicious Circle Likely To Occur?

According to Heikkinen (2010, p. 479), vicious circles occur when there is an inadequate understanding of a situation and its cause. Additionally, managers may decide to create a vicious circle in order to protect themselves from incorrect decisions. This can be applied in the situation where managers attempt to have a productivity change by using bureaucratic means or developing inconsistent rules