Week 1 of Notes
Week 1 of Notes COMM 210
Popular in Decision Making in Natural Resource Management
Popular in Environmental Science
This 2 page Class Notes was uploaded by Cassandra Miller on Sunday January 17, 2016. The Class Notes belongs to COMM 210 at Ball State University taught by Denker in Winter 2016. Since its upload, it has received 21 views. For similar materials see Decision Making in Natural Resource Management in Environmental Science at Ball State University.
Reviews for Week 1 of Notes
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 01/17/16
NREM 203 Decision Making 101 day 2 Wednesday, January 13, 2016 9:04 AM "Traditional" Economics Man as a rational being Weighs potential costs and benefits It is said that man always chooses what has the best economic outcome Methodical Reliable calculators "Behavioral" Economics Man as a "human" being Not everything that maters is dollars and cents There can be emotional and social factors Instead of weighing the costs and benefits you may consider Different priorities Distractions Impulsiveness Miscalculations Inconsistent Culture Four factors for why decisions must be made Scarcity Many Goals and Opinions on who resources should be managed o Two types of environmentalists A person who wants to camp, hike, kayak (get out and enjoy it) Preservationists (don’t touch it just let it be) Limited Resources Opportunity Cost o Once you make a decision, all of the other choices are off the table Pursuit of differing goals may lead to conflict Self-interest Selfish or altruistic Narrowly focused o Can lead to tunnel vision or conflict o Or collaboration between individuals Incentives Costs and benefits of a particular choice People are more likely to act when the cost to themselves is low o Will actively seek low-cost means o When you pay for what you use you weigh the cost more carefully David Lucas vs the state of South Carolina State restricted the use of the property Lucas said the state was taking his property He won because his ability to profit from the properties development was limited Once the state was forced to take on the cost of the restrictions instead of pushing them on the land owner, they dropped them Information Good information is crucial to good decision making Information is valuable but costly Time consuming process Many times the decision has to be made with less than thorough information Market prices can provide highly condensed information o Deciding if you are going to buy a t-shirt Like resources, there can be a scarcity of information o National park service Small portion of the funding for the park is from the consumer Surveys for users to see the market trends - this is time consuming
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'