Group Think and Ethical Decisions

A recent article mentioning groupthink:
Prentice, RA. Ethical Decision Making: More Needed Than Good Intentions. Financial Analysts Journal 2007 Nov/Dec;63(6): 17-30.

This article starts out reading like a litany of ways white collar criminals are victims: Obedience to Authority, Conformity Bias, Incrementalism, Groupthink, Overoptimism, Overconfidence, Self-serving Bias, Framing, Sunk Costs, and Loss. However, at the end, it seemed more like a warning to financial analysts--telling what they're up against--before telling them how to steer clear of these demons.

What devices can be used to avoid unethical decisions and practices? Debiasing, keeping ethics in the frame of reference, monitoring rationalizations, and acting courageously. Of course, if you want to know what all this jargon means, you'll need to read the article for yourself. I suggest you do, as it was a very good read and very informative.

And have a good day.