f. identify challenges to ethical behavior
- Identify: To recognize and correctly name
- Identify and describe the desirable properties of an estimator
- Identify the functions of a central bank
Name the two challenges to ethical behavior
1. The overconfidence bias
2. Situational influences
Why can overconfidence bias be a challenge to ethical behavior?
Overconfidence bias is a challenge to ethical behavior because we assume we are good people and sometimes make decisions based on our own moral compass without serious ethical reflection.
Why can situational influences be a challenge to ethical conduct?
Situational influences can motivate people to act in their short-term interests without recognizing the long-term risks or consequences for themselves or others.
What are some potentially bad situational influences?
Financial rewards, prestige, and loyalty to an employer and colleagues.