The future of gap inc case study

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The future of gap inc case study

History[ edit ] Kahneman and Snell began research on hedonic forecasts in the early s, examining its impact on decision making.

The term "affective forecasting" was later coined by psychologists Timothy Wilson and Daniel Gilbert. Early research tended to focus solely on measuring emotional forecasts, while subsequent studies began to examine the accuracy of forecasts, revealing that people are surprisingly poor judges of their future emotional states.

For example, in predicting how events like winning the lottery might affect their happinesspeople are likely to overestimate future positive feelings, ignoring the numerous other factors that might contribute to their emotional state outside of the single lottery event. Some of the cognitive biases related to systematic errors in affective forecasts are focalismempathy gapand impact bias.

Applications[ edit ] While affective forecasting has traditionally drawn the most attention from economists and psychologists, their findings have in turn generated interest from a variety of other fields, including happiness research, lawand health care.

Its effect on decision making and well-being is of particular concern to policy -makers and analysts in these fields, although it also has applications in ethics.

For example, the tendency to underestimate our ability to adapt to life-changing events has led to legal theorists questioning the assumptions behind tort damage compensation. Behavioral economists have incorporated discrepancies between forecasts and actual emotional outcomes into their models of different types of utility and welfare.

Overview[ edit ] Affective forecasting can be divided into four components: On average, people are fairly accurate about predicting which emotions they will feel in response to future events.

For example, one study found that while many women who imagine encountering gender harassment predict feelings of anger, in reality, a much higher proportion report feelings of fear.

Gilbert and Wilson posit that this is a result of our psychological immune system. While affective forecasts take place in the present moment, researchers also investigate its future outcomes. Breaking down the present and future stages allow researchers to measure accuracy, as well as tease out how errors occur.

Gilbert and Wilson, for example, categorize errors based on which component they affect and when they enter the forecasting process.

The future phase includes the initial emotional response to the onset of the event, as well as subsequent emotional outcomes, for example, the fading of the initial feeling. These biases disable people from accurately predicting their future emotions. Errors may arise due to extrinsic factors, such as framing effectsor intrinsic ones, such as cognitive biases or expectation effects.

Newer and conflicting evidence suggests that intensity bias in affective forecasting may not be as strong as previous research indicates. Five studies, including a meta-analysis recovers evidence that overestimation in affective forecasting is partly due to the methodology of past research.

Their results indicate that some participants misinterpreted specific questions in affective forecasting testing. For example, one study found that undergraduate students tended to overestimate experienced happiness levels when participants were asked how they were feeling in general with and without reference to the election, compared to when participants were asked how they were feeling specifically in reference to the election.

After clarification of tasks, participants were able to more accurately predict the intensity of their emotions [16] Major sources of errors[ edit ] Because forecasting errors commonly arise from literature on cognitive processes, [2] [17] [18] many affective forecasting errors derive from and are often framed as cognitive biases, some of which are closely related or overlapping constructs e.

Below is a list of commonly cited cognitive processes that contribute to forecasting errors. Major sources of error in emotion[ edit ] Main article: Impact bias One of the most common sources of error in affective forecasting across various populations and situations is the impact bias, the tendency to overestimate the emotional impact of a future event, whether in terms of intensity or duration.Please note that once you make your selection, it will apply to all future visits to If, at any time, you are interested in reverting to our default settings, please select Default.

Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, and Intermix brands. Fiscal year net sales were $ billion. Bridging the gap between quantitative and qualitative approaches, this book presents methods for interrelating and integrating the variables, findings, and evaluations from the facets of the case (i.e., different perspectives of inquiry such as participant observation, open-ended interviews, etc.) or subunits of case .

A financial and strategic analysis of the Gap, Inc.

The future of gap inc case study

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Corporate financial strategy: Case study Gap, Inc. by Maarten Buys on Prezi