Write a 7 to 10 page paper (7 full pages is the minimum) on the Netflix documentary on the Fyre Festival presented in class. The paper should consist of 7 parts and follow the following format:

PART 1 IDENTIFY INTENRAL AND EXTERNAL STAKEHOLDERS:

Internal Stakeholders

Identify all internal stakeholders of Fyre

Example: An internal stakeholder is…There were several internal stakeholders in the Fyre Festival documentary. These included the Fyre Festival employees…

External Stakeholder

Identify all external stakeholders of Fyre

PART 2 SHAREHOLDER VS STAKEHOLDER THEORIES OF THE FIRM:

Shareholder focused vs stakeholder focused

Conclude whether Fyre was a shareholder focused company versus a stakeholder focused company

Example: Fyre festival was clearly a stakeholder focused company. They clearly demonstrated a commitment to multiple stakeholders, not just shareholders. For example….

PART 3: BIAS

Did any of the 12 decision making biases come into play? If so which ones and why do you think so? The 12 types of biases are:

• Over-confidence bias – when decision makers tend to think they know more than they do or hold unrealistically positive views of themselves and their performance.
• Immediate gratification bias – Decision makers who tend to want immediate rewards and to avoid immediate costs. Quick payoffs are more appealing that those in the future.
• Anchoring Effect – When decisions makers fixate on initial information as a starting point and then, once set, fail to adequately adjust for subsequent information.
• Selective perception bias – When decision makers selectively organize and interpret and interpret events based on their biased perceptions. This influences the information they pay attention to, the problems they identify, and the alternatives they develop.
• Confirmation bias – When decision makers seek out information that reaffirms their past choices and discount information that contradicts past judgements.
• Framing bias – When decision makers select and highlight certain aspects of a situation while excluding others.
• Availability bias – Occurs when decision makers tend to remember events that are the most recent and vivid in their memory
• Representation bias – when decision makers assess the likelihood of an event based on how closely it remembers other events or sets of events
• Randomness bias – when decisions makers try to create meaning out of random events.
• Sunk costs error- when decision makers forget that current choices can’t correct the past. They incorrectly fixate on past expenditures of time, money, or effort in assessing choices rather than on future consequences.
• Self-serving bias – when decision makers are quick to take credit for their successes but blame failure on outside factors
• Hindsight bias – the tendency for decision makers to falsely believe that they would have accurately predicted the outcome of an event once that outcome is actually known.

PART 4: WHICH OF THE FOLLOWING 3 DECISION MAKING MODELS BEST DESCRIBES BILLY MCFARLAND’S DECISION MAKING PROCESS AND WHY?

• Rational
• Bounded Rationality
• Intuition

PART 5: DID GROUPTHINK OCCUR? WHY OR WHY NOT?

PART 6: WHO WAS RESPONSIBLE?:

On a scale of 1 to 10 (1 being no responsibility at all; 10 being extremely responsible) how responsible are the following individuals for the failure and fraud of Fyre Festival: Billy McFarland, Jerry Media, Ja Rule, Marc Weinstein, Andy King, and Social Media Influencers.

Example:

Billy McFarland – 10

Billy McFarland was, by far, the individual most responsible for the fraud that was Fyre Festival. He lied from day one….

Jerry Media – 5

I would have said 0 until Jerry Media clearly had an idea of what was going on and started deleting negative tweets…

Ja Rule – 1

I don’t believe Ja Rule bears any responsibility for the failure of Fyre Festival. He clearly had no idea what was going on at the site…

PART 7: WHAT WOULD YOU DO IF YOU WERE MARC WEINSTEIN?

Example: Marc Weinstein was in a tough position for sure. He had to make some tough choices. I would have…

Paper must be written in Times New Roman 12 Font, Word default normal margins, double spaced and submitted via ‘Assignment’ in Blackboard. E-mail or paper submissions will not be accepted. MLA or APA citation standards MUST be used.