I have watched the video regarding the conflict of interest and its impact on people’s decision-making. After the end of the video, I had several thoughts in mind regarding the factors that contribute to poor and biased choices in multiple situations. The video has revealed to me that there are different perspectives that people might have on the same subject of choice, and some individuals might even try to manipulate others by knowing their views to make the choices that are beneficial to them. As a result, I have made several links to the materials that I had read and considered relatable to the video.
First, the most vivid example of conflict of interest made in the video concerned professional behavior. As such, McCombs School of Business (2019) illustrated a situation in which a nurse might be interested in selling particular medicine to their patients in order to get more money from her supplier. In research from Kafaee et al. (2021), it is stated that there is a widespread opinion that conflict of interest, which occurs when a monetary or non-financial interest potentially influences the fulfillment of professional responsibility.
Yet, the study supposes that a conflict of interest subconsciously alters people’s perceptions of a scenario. The findings indicate that interest directly influences subconscious processes and perception (Kafaee et al., 2021). The alignment of interest increases the chance of accurate perception, and conflict of interest raises the probability of erroneous perception. Hence, it could be claimed that the conflict of interest is not only related to deliberation but also cognitive processes. As a result, I believe that having institutions that track and promote responsible professional behavior is even more critical since controlling the subconscious urge to act in line with one’s interest is complicated.
Second, I have remembered the marketing techniques concerning pricing that relate to the conflict of interest topic. Market manipulation is defined as artificial price escalation or deflation (Corporate Finance Institute, 2022). There are such manipulative techniques as percentage and bulk discounts, additional free goods, and contextualizing the goods’ environment to make them look more expensive. Evidently, the interest of a buyer, in this case, is to purchase the goods that they need and value. However, a marketer’s interest is to increase sales and make a profit out of selling goods that are not necessarily demanded or valued. As a result, the consumer’s perspective is changed so that it aligns with the marketer’s interest. Marketing manipulations are questionable in terms of ethics, although they remain legal globally.
Therefore, there are several key insights in the video that could be summarized. Workplace conflicts of interest are a typical occurrence. A conflict of interest happens when an individual’s private interests (family, friendships, financial, or social issues) may impair their perception, decisions, or actions at work. Government entities take conflicts of interest seriously, and they control them. The rules, laws, and operational procedures address conflicts of interest by industry groups, firms, and institutions. Conflicts of interest arise most frequently when requirements and interests collide. When dealing with actual or possibly perceived conflicts of interest, transparency (being entirely upfront and truthful) becomes critical. To avoid an actual or perceived conflict of interest, it is always preferable to be honest and accountable. Thus, one has to align with their responsibility and discern conflicts of interest.
References
Corporate Finance Institute. (2022). Market Manipulation. Web.
Kafaee, M., Kheirkhah, M. T., Balali, R., & Gharibzadeh, S. (2021). Conflict of interest as a cognitive bias.Accountability in Research, 29(6), 379–396. Web.
McCombs School of Business. (2019). Concepts Unwrapped: Conflict of Interest [Video]. YouTube. Web.