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How Behavioral Economics Influences Management Decision Making

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How Behavioral Economics Influences Management Decision Making

How Behavioral Economics Influences Management Decision Making Book
Author : Kelly Monahan
Publisher : Academic Press
Release : 2018-08-02
ISBN : 0128135689
Language : En, Es, Fr & De

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Book Description :

How Behavioral Economics Influences Management Decision-Making: A New Paradigm critically reexamines the management function in 21st century workplaces. The book seeks to examine and explain the real-world behaviors of employees and acknowledge the human nature that binds us all together and how to appeal to these characteristics in order to help organizations prosper. It explores well-observed but rarely understood features of employee cognition and irrationality, challenging the dominant discourse and offering an alternative to gain greater competitive advantage in today's complex markets. It also provides an effective new framework on the best ways to develop relevant management skills as they pertain to hiring, performance management, change management, employee engagement, and goal setting. As the knowledge economy continues to grow, the social bonds within companies will prove to be a key differentiation to deliver on the next big idea. Developing productive decisions with staff in the talent-driven global economy increasingly requires the development of "intrinsic" meaning in work, a human-centered work-place culture, and human-focused working practices. This book tackles these topics in comprehensive and efficient detail. Provides a framework to simply and effectively apply behavioral principles in organizations of any size Focuses on agent motivations and behavior and how they directly impact talent management in the knowledge economy Highlights empirical studies, detailing the impact of heuristics on hiring, performance management, change management, employee engagement, and goal-setting decisions

The Influence of Intuition and Emotions on Decision Making

The Influence of Intuition and Emotions on Decision Making Book
Author : Sebastian Durbeck
Publisher : Grin Publishing
Release : 2017-04-24
ISBN : 9783668434011
Language : En, Es, Fr & De

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Book Description :

Seminar paper from the year 2016 in the subject Business economics - Miscellaneous, University of Applied Sciences Rosenheim, language: English, abstract: The influencing factors on decision making, however, are rated very different. This study aims to answer where the similarities and differences within the decision making approaches are and what influence intuition and emotions have.

Applied Behavioral Economics Research and Trends

Applied Behavioral Economics Research and Trends Book
Author : Ianole, Rodica
Publisher : IGI Global
Release : 2016-12-12
ISBN : 1522518274
Language : En, Es, Fr & De

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Book Description :

Interdisciplinary factors in the modern business realm have significant impacts on economic agents within organizations. These behavioral influences affect multiple decision-making processes on both the individual and organizational levels. Applied Behavioral Economics Research and Trends provides a comprehensive examination of the social, psychological, and emotional factors in organizational behavior and economic decision-making and how these issues provide a deeper understanding of various economic behaviors. Highlighting relevant coverage across a range of topics, such as consumer behavior, inter-temporal choices, and self-employment, this book is ideally designed for managers, researchers, professionals, graduate students, and practitioners seeking scholarly material on the implications of behavioral economics across numerous industries.

Production Management and Business Development

Production Management and Business Development Book
Author : Bohuslava Mihalčová,Petra Szaryszová,Lenka Štofová,Michal Pružinský,Barbora Gontkovičová
Publisher : CRC Press
Release : 2018-12-07
ISBN : 0429888368
Language : En, Es, Fr & De

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Book Description :

Trends in economic development rely on increasing human knowledge, which stimulate the development of new, sophisticated technologies. With their utilization production is raised and the intent is to decrease natural resources consumption and protect and save our life environment as much as we can. At the same time, increasing pressure is observed both from competition and customers. The way to be competitive is by improving manufacturing and services offered to the customer. These are the major challenges of contemporary enterprises. Organizations are improving their activities and management processes. This is necessary to manage the seemingly intensifying competitive markets successfully. Enterprises apply business-optimizing solutions to meet new challenges and conditions. This way ensuring effective development for long-term competitiveness in a global environment. This is necessary for the implementation of qualitative changes in the industrial policy. "Process Control and Production Management" (MTS 2018) is a collection of research papers from an international authorship. The authors present case studies and empirical research, which illustrates the progressive trends in business process management and the drive to increase enterprise sustainability development.

Real World Decision Making An Encyclopedia of Behavioral Economics

Real World Decision Making  An Encyclopedia of Behavioral Economics Book
Author : Morris Altman
Publisher : ABC-CLIO
Release : 2015-06-23
ISBN : 1440828164
Language : En, Es, Fr & De

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Book Description :

The first and only encyclopedia to focus on the economic and financial behaviors of consumers, investors, and organizations, including an exploration of how people make good—and bad—economic decisions. • Contains an informative introductory essay that familiarizes students with the various aspects of behavioral economics • Provides a list of additional readings for those interested in learning more about the topic • Includes cross-references in each entry to help readers make connections between related topics • Defines key terms that are likely to be unfamiliar to those without advance knowledge of the subject • Helps readers identify and study particular entry categories through accompanying Topic Finders

Behavioral Economics and Finance Leadership

Behavioral Economics and Finance Leadership Book
Author : Julia Puaschunder
Publisher : Springer Nature
Release : 2020
ISBN : 3030543307
Language : En, Es, Fr & De

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Book Description :

This book explores human decision-making heuristics and studies how nudging and winking can help citizens to make rational choices. By applying the behavioral economics approach to political outcomes, it demonstrates how economics can be employed for the greater societal good. It starts with a review of the current literature on human decision-making failures in Europe and North America, presenting the wide range of nudges and winks developed to curb the harmful consequences of human decision-making fallibility. It then discusses the use of mental heuristics, biases and nudges in the finance domain to benefit economic markets by providing clear communication strategies. Lastly, the author proposes clear leadership and followership directives on nudging in the digital age. This book appeals to scholars and policy makers interested in rational decision-making and the use of nudging and winking in the digital age.

Behavioral Economics and Healthy Behaviors

Behavioral Economics and Healthy Behaviors Book
Author : Yaniv Hanoch,Andrew Barnes,Thomas Rice
Publisher : Taylor & Francis
Release : 2017-05-18
ISBN : 1317269527
Language : En, Es, Fr & De

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Book Description :

The field of behavioural economics can tell us a great deal about cognitive bias and unconscious decision-making, challenging the orthodox economic model whereby consumers make rational and informed choices. But it is in the arena of health that it perhaps offers individuals and governments the most value. In this important new book, the most pernicious health issues we face today are examined through a behavioral economic lens. It provides an essential and timely overview of how this growing field of study can reframe and offer solutions to some of the biggest health issues of our age. The book opens with an overview of the core theoretical concepts, after which each chapter assesses how behavioral economic research and practice can inform public policy across a range of health issues. Including chapters on tobacco, alcohol and drug use, physical activity, dietary intake, cancer screening and sexual health, the book integrates the key insights from the field to both developed and developing nations. Also asking important ethical questions around paternalism and informed choice, this book will be essential reading for students and researchers across psychology, economics and business and management, as well as public health professionals wishing for a concise overview of the role behavioral economics can potentially play in allowing people to live healthier lives.

The Impact of Individual Expertise and Public Information on Group Decision Making

The Impact of Individual Expertise and Public Information on Group Decision Making Book
Author : Ulrich G. Strunz
Publisher : Springer Nature
Release : 2021-07-04
ISBN : 3658331399
Language : En, Es, Fr & De

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Book Description :

In this open-access-book the author concludes that expertise could be the key factor for global and interconnected problems. Experimental results have shown that expertise was a stronger predictor than public information regarding change in behavior and strategy adaption. Identifying non-routine problem-solving experts by efficient online assessments could lead to less volatile system performance, from which all decision-makers could potentially profit.

Ethics Meaningfulness and Mutuality

Ethics  Meaningfulness  and Mutuality Book
Author : Ruth Yeoman
Publisher : Routledge
Release : 2019-11-21
ISBN : 1351125109
Language : En, Es, Fr & De

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Book Description :

There is an urgent need to understand how private and public organisations can play a role in promoting human values such as fairness, dignity, respect and care. Globalisation, technological advance and climate change are changing work, organisations and systems in ways which foster inequality, alienation and collective risk. Against this backdrop, organisations are being urged to make their contribution to the common good, take account of the interests of multiple stakeholders, and respond ethically as well as efficiently to complex challenges which transcend traditional organisational and state boundaries. Ethics, Meaningfulness, and Mutuality poses critical questions related to organisational design by challenging limits to current thinking, such as the neglect by political philosophers of markets, firms and stakeholders, or by organisational theorists of business ethics. In so doing, the book advances our understanding of the theory and practice of ethical organising. Specifically, meaningfulness and mutuality will be used to yield values and principles for a philosophy of ethical organising which includes an account of human values in morally desirable collective action, and examines the relationship of collective action to the contested concept of shared value creation. Within a philosophy of ethical organising, mutuality permits an examination of the unavoidable relational nature of collective action, whereas meaningfulness addresses fundamental human concerns for significance and leading a life we have reason to value. By addressing our status as relational beings with human needs for meaning, a philosophy of ethical organising brings critical thinking to the creation of morally informed organisational practices which are not only instrumentally beneficial for addressing wicked problems, but are normatively desirable for human flourishing.

Handbook of Contemporary Behavioral Economics

Handbook of Contemporary Behavioral Economics Book
Author : Morris Altman
Publisher : Routledge
Release : 2015-01-30
ISBN : 131746916X
Language : En, Es, Fr & De

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Book Description :

At a time when both scholars and the public demand explanations and answers to key economic problems that conventional approaches have failed to resolve, this groundbreaking handbook of original works by leading behavioral economists offers the first comprehensive articulation of behavioral economics theory. Borrowing from the findings of psychologists, sociologists, political scientists, legal scholars, and biologists, among others, behavioral economists find that intelligent individuals often tend not to behave as effectively or efficiently in their economic decisions as long held by conventional wisdom. The manner in which individuals actually do behave critically depends on psychological, institutional, cultural, and even biological considerations. "Handbook of Contemporary Behavioral Economics" includes coverage of such critical areas as the Economic Agent, Context and Modeling, Decision Making, Experiments and Implications, Labor Issues, Household and Family Issues, Life and Death, Taxation, Ethical Investment and Tipping, and Behavioral Law and Macroeconomics. Each contribution includes an extensive bibliography.

Neuroeconomics and the Decision Making Process

Neuroeconomics and the Decision Making Process Book
Author : Christiansen, Bryan
Publisher : IGI Global
Release : 2016-03-17
ISBN : 1466699906
Language : En, Es, Fr & De

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Book Description :

Neuroeconomics has emerged as a field of study with the goal of understanding the human decision-making process and the mental consideration of multiple outcomes based on a selected action. In particular, neuroeconomics emphasizes how economic conditions can impact and influence the decision-making process and alternately, how human actions have the power to impact economic conditions. Neuroeconomics and the Decision-Making Process presents the latest research on the relationship between neuroscience, economics, and human decision-making, including theoretical foundations, real-world applications, and models for implementation. Taking a cross-disciplinary approach to neuroeconomic theory and study, this publication is an essential reference source for economists, psychologists, business professionals, and graduate-level students across disciplines.

Coaching Applications and Effectiveness in Higher Education

Coaching Applications and Effectiveness in Higher Education Book
Author : Hunaiti, Ziad
Publisher : IGI Global
Release : 2021-06-25
ISBN : 1799842479
Language : En, Es, Fr & De

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Book Description :

Coaching has become such a ubiquitous concept that it can connote any professional practice for empowering people and unlocking their potential to make the most of their performance and achieve their goals. This can be accomplished by establishing collaborative relationships between the coach and coachee (the person being coached) based on the effective communication and professional skills of the coach, which include the ability to create a safe environment, ask effective questions, pay attention, listen actively, keep an open mind, stay non-judgmental, paraphrase, challenge, and give and accept constructive feedback while remaining respectful. The higher education sector is one of the key areas that can benefit from adopting coaching practices. Coaching Applications and Effectiveness in Higher Education provides relevant applications of coaching and their effectiveness within the sector of higher education. This branches out to teaching and learning and involves students, staff, and staff development. Chapters include information on coaching models, coaching in blended environments and with technology, coaching effectiveness, and coaching equity. This book is ideal for researchers working in the field of coaching and higher education in different disciplines, coaches, HR and management, policymakers, researchers, academicians, and students who want to improve their understanding of where coaching can be applied in higher education and its effectiveness.

Nudge management

Nudge management Book
Author : Eric Singler
Publisher : Pearson
Release : 2018-12-19
ISBN : 2326056213
Language : En, Es, Fr & De

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Book Description :

How can you boost your employees' engagement and promote a positive team spirit? How can you establish a physical and mental atmosphere in the workplace that generates well-being and ensures managers make good decisions? How can you make your company more efficient? Drawing on the latest research in Behavioral Science, this book will help you improve your understanding of what really makes us do what we do at work. It will help you make better decisions, and give you the tools to build a physical and psychological environment that will benefit your company. Little Nudges can make big differences. The first part of the book takes a look at what we've learned about human reactions from findings in Behavioral Science, and how they can be used to pinpoint what gets in the way of successful performance at work (decision-making, personal efficiency, etc.). In the second part, you will learn how to create a physical and psychological environment that increases individual performance and triggers effective and cross-disciplinary teamwork. The third and final part will give you insight and tools to bring about positive collective behavior. Whether you are a company manager, an employee, or a human resources specialist, Nudge Management contains the tools you need to optimize your work environment and boost employee engagement. Win-win.

Leading with Uncommon Sense

Leading with Uncommon Sense Book
Author : Wiley C. Davi,Duncan H. Spelman
Publisher : Springer Nature
Release : 2020-06-11
ISBN : 3030419711
Language : En, Es, Fr & De

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Book Description :

This book offers alternatives to typical leadership, highlighting new ways of thinking about how individuals can lead effectively. Specifically, it integrates several fields, including neuroscience, behavioral economics, mindfulness, cognitive and social psychology, emotional intelligence, and management decision-making. The authors challenge the “common sense,” mainstream thinking about leadership, arguing that effective leadership depends on a more complicated understanding of the underlying dynamics.When leaders rely on the common sense that they have been taught explicitly or implicitly about leadership, the results are often not effective—for themselves personally, for their followers, for the organizations in which they lead, and for society as a whole. For example, aspiring leaders often believe that the mark of good leaders is their ability to come up with quick answers to problems. Others believe that one’s ability to minimize complexity and uncertainty indicates leadership potential. In addition, despite the literature suggesting the value of engaging in self-reflection, few leaders regularly step back and look inward. Even those who can intellectually discuss emotional intelligence often focus on their ability to influence the emotions of others rather than reflecting on and learning from their own emotions.The book calls for leaders to operate with more humility and greater awareness of the multiple contexts in which they function—approaches that improve life for all organizational members. As leaders become more effective, they will become healthier and more satisfied, less harried, more grounded, and more fulfilled in their lives.

Behavioral Operations Management

Behavioral Operations Management Book
Author : Christoph H. Loch,Yaozhong Wu
Publisher : Now Publishers Inc
Release : 2007
ISBN : 1601980949
Language : En, Es, Fr & De

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Book Description :

Behavioral Operations Management introduces the understanding of human behavior to the practice of operations management. It provides a set of methods and a structured area of study to analyze behavioral issues within the OM paradigm.

Essays on Decision Making in Service Operations Management

Essays on Decision Making in Service Operations Management Book
Author : Matthew Christian Walsman
Publisher : Unknown
Release : 2016
ISBN : 0987650XXX
Language : En, Es, Fr & De

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Book Description :

This dissertation investigates the impact of behavioral decisions on operational performance outcomes in service industries. We begin with an exploration of the research trends in Behavioral Operations Management (BOM) and Behavioral Economics and Decision Research (BEDR). BOM's primary contribution has been using human subjects in laboratory experiments to test economic and game theoretic models. Similarly, BEDR focuses on describing and modeling individual decision making patterns; primarily decisions that people make for themselves. An emerging subfield of the BEDR literature focuses on models of decision making for others. Professional services is a label many use to characterize an industry dedicated to decision making for others, while the actors in this industry are described as working for 'professional service firms.' Examples of professional service actors include doctors, lawyers, engineers, accountants, architects, and consultants. In our first essay we take a deep dive into professional service firms (e.g. management consultants in the hospitality industry) in an attempt to better understand the unique characteristics and challenges that firms in this industry encounter. Using a survey instrument, choice experiment, and supported by qualitative data from leading consultants in the field, we challenge traditional professional service frameworks and call for a more contingent framework based on firm and individual characteristics such as size, seniority, and specialization. In our second essay, we dig deeper into the professional service paradigm and test the influence customers (clients) have on their expert advisors (consultants) using a behavioral experiment. Using tools developed in behavioral economics and commonly used in BOM we design a laboratory study which measures the influence that client and consultant decisions have on each other in a setting where consultants are tasked to make decisions (e.g. recommendations) for their clients. One perspective is that clients who hire consultants should trust their consultant's presumably expert recommendations. We explore circumstances in which experts may inadvertently give-or choose to give-advice that produces suboptimal outcomes for their clients. In our final study we expand beyond the context of professional service firms to illustrate the impact of a specific decision faced by managers in the hospitality industry: the decision hoteliers face to pursue environmental certification. Using archival data from the hospitality industry we use a difference-in-differences approach, in the setting of a natural experiment, to measure the impact of an environmental certification (LEED) on hotel performance. We find that LEED certified hotels do outperform their non-certified competitors for at least a few years. We conclude this dissertation with a discussion of the managerial applications of this research and a plan for future research.

IAENG Transactions on Engineering Technologies

IAENG Transactions on Engineering Technologies Book
Author : Gi-Chul Yang,Sio-long Ao,Len Gelman
Publisher : Springer Science & Business Media
Release : 2014-07-08
ISBN : 9400761902
Language : En, Es, Fr & De

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Book Description :

This book contains fifty-eight revised and extended research articles written by prominent researchers participating in the Advances in Engineering Technologies and Physical Science conference, held in London, U.K., 4-6 July, 2012. Topics covered include Applied and Engineering Mathematics, Computational Statistics, Mechanical Engineering, Bioengineering, Internet Engineering, Wireless Networks, Knowledge Engineering, Computational Intelligence, High Performance Computing, Manufacturing Engineering, and industrial applications. The book offers the state of art of tremendous advances in engineering technologies and physical science and applications, and also serves as an excellent reference work for researchers and graduate students working on engineering technologies and physical science and applications.

Behavioral Finance Psychology Decision Making and Markets

Behavioral Finance  Psychology  Decision Making  and Markets Book
Author : Lucy Ackert,Richard Deaves
Publisher : Cengage Learning
Release : 2009-09-23
ISBN : 1111781672
Language : En, Es, Fr & De

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Book Description :

Now you can offer your students a structured, applied approach to behavioral finance with the first academic text of its kind--Ackert/Deaves' BEHAVIORAL FINANCE: PSYCHOLOGY, DECISION MAKING, AND MARKETS. This comprehensive text--ideal for your behavioral finance elective-- links finance theory and practice to human behavior. The book begins by building upon the established, conventional principles of finance that students have already learned in their principles course. The authors then move into psychological principles of behavioral finance, including heuristics and biases, overconfidence, emotion and social forces. Students learn how human behavior influences the decisions of individual investors and professional finance practitioners, managers, and markets. Your students gain a strong understanding of how social forces impact people's choices. The book clearly explains what behavioral finance indicates about observed market outcomes as well as how psychological biases potentially impact the behavior of managers. Students learn the implications of behavioral finance on retirement, pensions, education, debiasing, and client management. This book is unique as it spends a significant amount of time examining how behavioral finance can be used effectively by practitioners today. The book's solid academic approach provides opportunities for students to utilize theory and complete applications in every chapter. A wide variety of end-of-chapter exercises, discussion questions, simulations and experiments reinforce the book's applied approach, while useful instructor supplements ensure you have the resources to clearly present theories of behavioral finance and their applications. Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.

Reference Dependent Preferences

Reference Dependent Preferences Book
Author : Evelyn Stommel
Publisher : Springer Science & Business Media
Release : 2012-11-02
ISBN : 3658006358
Language : En, Es, Fr & De

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Book Description :

Most of our daily decisions are made under uncertainty and risk, without complete information about all relevant aspects. We all constantly make such decisions, from the simplest “should I take my raincoat today?” to more serious examples, such as those on investment and portfolio decisions, holding of shares, insurance patterns, or negotiation processes. Within these situations, the bounded rationality of individuals and institutions towards risk and uncertainty is embedded. The central theory underlying this study is prospect theory, an adequate model to predict the real and most often bounded rationality of human behavior given certain incentives, preferences, and constraints. Evelyn Stommel investigates a crucial question within behavioral economics, namely the research on reference points within human decision making processes. Based on experimental investigations, she focuses three key challenges: what constitutes a reference point, the process of the formation of a reference point, and factors influencing the formation of reference points.

Problems Methods and Tools in Experimental and Behavioral Economics

Problems  Methods and Tools in Experimental and Behavioral Economics Book
Author : Kesra Nermend,Małgorzata Łatuszyńska
Publisher : Springer
Release : 2018-09-18
ISBN : 3319991876
Language : En, Es, Fr & De

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Book Description :

These proceedings highlight research on the latest trends and methods in experimental and behavioral economics. Featuring contributions presented at the 2017 Computational Methods in Experimental Economics (CMEE) conference, which was held in Lublin, Poland, it merges findings from various domains to present deep insights into topics such as game theory, decision theory, cognitive neuroscience and artificial intelligence. The fields of experimental economics and behavioral economics are rapidly evolving. Modern applications of experimental economics require the integration of know-how from disciplines including economics, computer science, psychology and neuroscience. The use of computer technology enhances researchers’ ability to generate and analyze large amounts of data, allowing them to use non-standard methods of data logging for experiments such as cognitive neuronal methods. Experiments are currently being conducted with software that, on the one hand, provides interaction with the people involved in experiments, and on the other helps to accurately record their responses. The goal of the CMEE conference and the papers presented here is to provide the scientific community with essential research on and applications of computer methods in experimental economics. Combining theories, methods and regional case studies, the book offers a valuable resource for all researchers, scholars and policymakers in the areas of experimental and behavioral economics.