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Notes on video lecture:
Conflicts of Interest
Notes taken by Edward Tanguay on December 21, 2015 (go to class or lectures)
Choose from these words to fill the blanks below:
exaggeration, politicians, art, expected, noticed, same, gray, overestimated, closest, symmetrical, suspicious, fun, complex, cheating, sponsoring, sunshine, every, money, mortgage, third, sports, lobbies, biased, friends, MRI, disappointed, disclosed, referee, strict, discount, drunk, burned, sympathy, before, treatment, white, mean, paid, understand, bankers, tattoo, useful
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the fundamental issue of                  is conflicts of interest
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when we are          or encouraged to do things that are slightly different than the truth, we think and act with a bias
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             are a good example
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if you support team A and the                makes a call for team B, then you find his call to be unfair
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this may even make the game more       
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although we try to minimize it, we have conflicts of interest in            area of life
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accountants
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lawyers
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financial advisers and               
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how to reduce conflicts of interest
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                 policies and disclosure
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conflicts of interest should be                   
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so people will know how to                  biased opinion
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experiment
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two people: adviser, advisee
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adviser sees a jar with            from close up
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advisee sees jar from far away
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they have to guess, the                the adivsee was, the more money they got paid
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added conflict of interest
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adviser got paid more if the advisee                            the amount
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adviser recommended the higher number
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added sunshine policy
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I get paid more money if you guess too high
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which force would be higher:                          or discount
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results: adviser exaggerated more, advisee discounted not enough
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advisee generally got more money
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conflict of interest
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change people's views
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causes them to be              in dishonest ways
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sunshine policies and disclosure don't seem to fix the problem
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Dan's stories about conflict of interest
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example #1: doctor with conflict of interest
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Dan was              and spent many years in the hospital
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after many years, doctor contacted him because he had new                   
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has whiskers, black dots, only on left side of face
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his solution was to              little black dots to right side of face
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asked to see pictures of others who had treatment
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what happens when I grow older and my hair is           
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we can laser it out
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Dan became                      and said he did not want to do it
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doctor:
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gave him guilt trip
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don't you want to be                       
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do you get some distorted pleasure from looking different
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do women feel sorry for you and give you                  sex
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had been his doctor for three years
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turned out he was looking for a            patient for an academic paper
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Dan was seen as an ideal patient
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doctor thought that what was in his best interest was also in Dan's
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when we are so engrossed in what's good for us, we are more comfortable in demanding it from other people
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without seeing the conflicts of interest
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example #2: research with conflict of interest
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Dan was doing experiments at Harvard
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allowed him to use lab from time to time
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ran experiment
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hoped that group A would have high         , and group B would have low mean
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they basically got those                  results
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but one person in group A who had the lowest possible result you could imagine, and he changed the average mean
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25 years older than all others
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remembered that one person who was old came to the experiment           
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people just come from the street
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they took him out, the results looked better
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then they thought, what if the drunk individual had been in the other group
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he wouldn't have been               
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and if he would have been noticed, we probably would have kept him in since he would have helped the results look as expected
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now they operate by              rules
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its ok not to have drunk people in the study, but you can only specific this              the study and not afterwards
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especially after looking at the data
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the same with people who don't                      the instructions
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conflicts of interest operate within a          zone
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we will naturally make decisions that are good for us financially or good us or our                in other ways
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the worst part is if we don't notice it ourselves
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it changes our view
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another experiment
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you come to a lab
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we show you        work
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some from Lone Wolf
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some from Blue Moon
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you are told that Lone Wolf is giving you $100 to pay for your participation in this study
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put you in        scanner and show you images
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have to say how much you like them
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results
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people like more the art that came from their sponsoring galleries
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you could say that these participants are just being nice to someone who gave them money
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the pleasure centers in the brain as measured by teh MRI reacted more strongly to the pictures by the                      gallery
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the reaction grew in experiments as the gallery gave more money
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this is what is happening in instances of conflict of interest
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we feel indebted to something or somebody, even our own desire for money
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it changes dramatically how we operated and view information
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if you understand conflicts of interest, you will be very                          with what we have done since the financial crisis
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1. money
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give someone $5 million dollars a year to view                 -backed securities as a better product
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2. steps removed
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very                loans, hard to evaluate
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3. others agree
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other investors around you was looking past information in the          way
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4. creativity
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the more creative you are, the more you can play with gray zones
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if you think that the cause of this problem are conflicts of interest, then we really haven't done anything              to the financial industry to counter these forces
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it is similar for the health industry and government because of               
The Simple Model of Dishonesty
Why People Cheat and Its Economic Impact
Conflicts of Interest
What Motivates Us to Do Work
The Value of Meaning in Work
How Effort Leads to Fondness of the End Result