Conflicts of Interest: Challenges and Solutions in Business, Law, Medicine, and Public Policy

doi:10.1017/CBO9780511610332

This collection explores the subject of conflicts of interest. It investigates how to manage conflicts of interest, how they can affect well-meaning professionals, and how they can limit the effectiveness of corporate boards, undermine professional ethics, and corrupt expert opinion. Legal and policy responses are considered, some of which (e.g. disclosure) are shown to backfire and even fail. The results offer a sobering prognosis for professional ethics and for anyone who relies on professionals who have conflicts of interest. The contributors are leading authorities on the subject in the fields of law, medicine, management, public policy, and psychology. The nuances of the problems posed by conflicts of interest will be highlighted for readers in an effort to demonstrate the many ways that structuring incentives can affect decision making and organizations' financial well-being.

"This books is a genuine public service, above all because it shows how human psychology can make conflicts of interest quite intractable. Often, for example, people believe that it is enough for those with a conflict simply to disclose it. Unfortunately, disclosure often does little or no good. Filled with insights and highly relevant to public policy, this outstanding book is must reading for anyone interested in the role of conflicts of interest in both private and public sectors." Cass Sunstein, University of Chicago

"This skillfully edited volume takes social-science analysis of conflicts of interest well beyond the traditional confines of principal-agent theory. Readers are guaranteed to come away with a sharper appreciation for why, so often, what one observer decries as a shameful conflict of interest, another observer applauds as blissful symbiosis." Philip E. Tetlock, University of California, Berkeley

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Contents

Frontmatter
pp i-iv
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Contents
pp v-viii
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List of Contributors
pp ix-x
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Acknowledgments
pp xi-xii
- By Don A. Moore, Assistant Professor of Organizational Behavior, Tepper School of Business at Carnegie Mellon University, Daylian M. Cain, Doctoral Candidate, Tepper School of Business at Carnegie Mellon University, George Loewenstein, Professor of Economics and Psychology, Carnegie Mellon University-s Department of Social and Decision Science, Max H. Bazerman, Jesse Isidor Straus Professor of Business Administration, Harvard Business School
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Introduction
pp 1-10
- By Don A. Moore, Carnegie Mellon Universtiy, Daylian M. Cain, Carnegie Mellon University, George Loewenstein, Carnegie Mellon University, Max H. Bazerman, Harvard Business School
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PART ONE - BUSINESS
pp 11-12
- By Don A. Moore, Assistant Professor of Organizational Behavior, Tepper School of Business at Carnegie Mellon University, Daylian M. Cain, Doctoral Candidate, Tepper School of Business at Carnegie Mellon University, George Loewenstein, Professor of Economics and Psychology, Carnegie Mellon University-s Department of Social and Decision Science, Max H. Bazerman, Jesse Isidor Straus Professor of Business Administration, Harvard Business School
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1 - Managing Conflicts of Interest within Organizations: Does Activating Social Values Change the Impact of Self-Interest on Behavior?
pp 13-35
- By Tom R. Tyler, New York University School of Law
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2 - Commentary: On Tyler's “Managing Conflicts of Interest within Organizations”
pp 36-40
- By Robyn Dawes, Carnegie Mellon University
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3 - A Review of Experimental and Archival Conflicts-of-Interest Research in Auditing
pp 41-69
- By Mark W. Nelson, Cornell University
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4 - Commentary: Conflicts of Interest in Accounting
pp 70-73
- By Don A. Moore, Carnegie Mellon University
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5 - Bounded Ethicality as a Psychological Barrier to Recognizing Conflicts of Interest
pp 74-95
- By Dolly Chugh, Harvard Business School, Max H. Bazerman, Harvard Business School, Mahzarin R. Banaji, Harvard University
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6 - Commentary: Bounded Ethicality and Conflicts of Interest
pp 96-103
- By Ann E. Tenbrunsel, University of Notre Dame
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7 - Coming Clean but Playing Dirtier: The Shortcomings of Disclosure as a Solution to Conflicts of Interest
pp 104-125
- By Daylian M. Cain, Carnegie Mellon University, George Loewenstein, Carnegie Mellon University, Don A. Moore, Carnegie Mellon University
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8 - Commentary: Psychologically Naive Assumptions about the Perils of Conflicts of Interest
pp 126-130
- By Dale T. Miller, Stanford University
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PART TWO - MEDICINE
pp 131-132
- By Don A. Moore, Assistant Professor of Organizational Behavior, Tepper School of Business at Carnegie Mellon University, Daylian M. Cain, Doctoral Candidate, Tepper School of Business at Carnegie Mellon University, George Loewenstein, Professor of Economics and Psychology, Carnegie Mellon University-s Department of Social and Decision Science, Max H. Bazerman, Jesse Isidor Straus Professor of Business Administration, Harvard Business School
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9 - Physicians' Financial Ties with the Pharmaceutical Industry: A Critical Element of a Formidable Marketing Network
pp 133-141
- By Jerome P. Kassirer, Tufts University School of Medicine
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10 - Commentary: How Did We Get into this Mess?
pp 142-151
- By Peter A. Ubel, University of Michigan
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11 - Why Are (Some) Conflicts of Interest in Medicine So Uniquely Vexing?
pp 152-180
- By Andrew Stark, University of Toronto
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12 - Commentary: Financial Conflicts of Interest and the Identity of Academic Medicine
pp 181-186
- By Scott Y. H. Kim, University of Michigan Medical School
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PART THREE - LAW
pp 187-188
- By Don A. Moore, Assistant Professor of Organizational Behavior, Tepper School of Business at Carnegie Mellon University, Daylian M. Cain, Doctoral Candidate, Tepper School of Business at Carnegie Mellon University, George Loewenstein, Professor of Economics and Psychology, Carnegie Mellon University-s Department of Social and Decision Science, Max H. Bazerman, Jesse Isidor Straus Professor of Business Administration, Harvard Business School
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13 - Legal Responses to Conflicts of Interest
pp 189-201
- By Samuel Issacharoff, Columbia Law School
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14 - Commentary: Conflicts of Interest Begin Where Principal–Agent Problems End
pp 202-205
- By George Loewenstein, Carnegie Mellon University
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15 - Conflicts of Interest and Strategic Ignorance of Harm
pp 206-223
- By Jason Dana, Carnegie Mellon University
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16 - Commentary: Strategic Ignorance of Harm
pp 224-230
- By Daylian M. Cain, Carnegie Mellon University
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PART FOUR - PUBLIC POLICY
pp 231-232
- By Don A. Moore, Assistant Professor of Organizational Behavior, Tepper School of Business at Carnegie Mellon University, Daylian M. Cain, Doctoral Candidate, Tepper School of Business at Carnegie Mellon University, George Loewenstein, Professor of Economics and Psychology, Carnegie Mellon University-s Department of Social and Decision Science, Max H. Bazerman, Jesse Isidor Straus Professor of Business Administration, Harvard Business School
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17 - Conflicts of Interest in Public Policy Research
pp 233-262
- By Robert J. MacCoun, University of California at Berkeley
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18 - Commentary: Conflicts of Interest in Policy Analysis: Compliant Pawns in Their Game?
pp 263-269
- By Baruch Fischhoff, Carnegie Mellon University
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19 - Conflict of Interest as an Objection to Consequentialist Moral Reasoning
pp 270-283
- By Robert H. Frank, Cornell University
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20 - Commentary: Conflict of Interest as a Threat to Consequentialist Reasoning
pp 284-288
- By David M. Messick, Northwestern University
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Index
pp 289-300
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Conflicts of Interest

Challenges and Solutions in Business, Law, Medicine, and Public Policy

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