How Does Information and Ethics Impact Decision Making?

Time: 60 min,

Updated: March 14 2023,

Author: Chandler Jordan

Teacher Version

Objective Standards Description Resources

Objective

Students will be able to:

Investigate how access to information can impact a person’s decision making.
Explain how asymmetric information can affect someone’s fiduciary responsibility.

Standards

National Standards in Economics

State Standards

Concepts

asymmetric information, Decision Making/Cost-Benefit Analysis, Incentives

Description

In this lesson from the Ethics, Economics, and Social Issues curriculum, students will play the roles of doctors and patients, demonstrating the motives of self-interest, duty, and character in economic transactions.

By experiencing first-hand how the lack of asymmetric information can impact choice, students will then have the opportunity to see how new information would alter their decision making.

After the role play, students will see how an ethical framework can impact decision making and have the opportunity to apply this learning across multiple professions.