The official definition of ownership bias goes something like this – People value things more when they feel that they own it. It is also known as "The endowment effect" or "Divestiture aversion". It is one of the many fascinating quirks of the human mind. Our perception of the things we create can be markedly different from how other people perceive the same thing. So where does MBA come into the picture here?
One of the many pervasive features of MBA curriculum across the world is the group assignments. We all submit to the chaos of deadlines and clashing schedules each time we are assigned a case study or other activity in groups. Even the B-school competitions are based on teams. These conditions provide the perfect alchemy for ownership bias to rear its ugly head. Our own view of the way the solution must emerge, or the way the final presentation should come together, feel naturally more compelling to us.
If we can rein in this tendency, there’s a chance of genuine chemistry in any group we are part of. To acknowledge that this bias exists, that it thrives particularly when you are working in a group and then to account for it effectively can make us better team players. It can cut down the time spent on navigating avoidable friction and compromise. It can allow you to receive ideas on their own merit, without your tinted glasses. And it adds to the heady list of intangible benefits an MBA can provide, if you are attentive enough!
Siddharth Samal
The batch of 2018-20, XIMB
