How Behavioral Economics Influences Management Decision Making

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How Behavioral Economics Influences Management Decision-Making

Kelly Monahan
How Behavioral Economics Influences Management Decision Making Book PDF

Author : Kelly Monahan
Publisher : Academic Press
Page : 278 pages
File Size : 45,9 Mb
Release : 2018-08-02
Category : Business & Economics
ISBN : 9780128135686

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How Behavioral Economics Influences Management Decision-Making by Kelly Monahan Pdf

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

Handbook of Behavioural Economics and Smart Decision-Making

Morris Altman
Handbook of Behavioural Economics and Smart Decision Making Book PDF

Author : Morris Altman
Publisher : Edward Elgar Publishing
Page : 616 pages
File Size : 47,6 Mb
Release : 2017-05-26
Category : Electronic
ISBN : 9781782549598

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Handbook of Behavioural Economics and Smart Decision-Making by Morris Altman Pdf

This Handbook is a unique and original contribution of over thirty chapters on behavioural economics, examining and addressing an important stream of research where the starting assumption is that decision-makers are for the most part relatively smart or rational. This particular approach is in contrast to a theme running through much contemporary work where individuals’ behaviour is deemed irrational, biased, and error-prone, often due to how people are hardwired. In the smart people approach, where errors or biases occur and when social dilemmas arise, more often than not, improving the decision-making environment can repair these problems without hijacking or manipulating the preferences of decision-makers. This book covers a wide-range of themes from micro to macro, including various sub-disciplines within economics such as economic psychology, heuristics, fast and slow-thinking, neuroeconomics, experiments, the capabilities approach, institutional economics, methodology, nudging, ethics, and public policy.

Behavioral Economics and Healthy Behaviors

Yaniv Hanoch,Andrew Barnes,Thomas Rice
Behavioral Economics and Healthy Behaviors Book PDF

Author : Yaniv Hanoch,Andrew Barnes,Thomas Rice
Publisher : Taylor & Francis
Page : 236 pages
File Size : 45,7 Mb
Release : 2017-05-18
Category : Psychology
ISBN : 9781317269526

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Behavioral Economics and Healthy Behaviors by Yaniv Hanoch,Andrew Barnes,Thomas Rice Pdf

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.

Modern Developments in Behavioral Economics

John Malcolm Dowling,Yap Chin Fang
Modern Developments in Behavioral Economics Book PDF

Author : John Malcolm Dowling,Yap Chin Fang
Publisher : World Scientific Publishing Company
Page : 460 pages
File Size : 46,8 Mb
Release : 2007-09-04
Category : Psychology
ISBN : 9789813106871

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Modern Developments in Behavioral Economics by John Malcolm Dowling,Yap Chin Fang Pdf

This book examines the field of behavioral economics and provides insights into the following questions: Does utility bring happiness?How do emotions and personal perspectives color our economic decisions?How do altruism, trust, fairness and justice come into play in game theory?Why are some organizations so successful in implementing their objectives?Can advances in neuroeconomics unlock the secrets of how decisions are made? The book looks at decision making and behavior from the point of view of (i) individual behavior and choice; (ii) group and interactive choice; and (iii) collective choices and decision making. In particular, it covers the following aspects: instances when bounded rationality leads to decisions inconsistent with standard economic assumptions; risk and the processes by which investors and consumers make decisions; altruistic and cooperative behavior as alternatives to competition; game theory as a way to explore motives of cooperation versus competition; the determinants of happiness and the relationship between utility and well-being; the concept of social capital, including motivations for charity and being a responsible citizen; how trust and fairness relate to economic actions and the motivation to cooperate rather than compete; behavior such as crime, corruption and bribery from ethical, social and economic viewpoints; and, finally, the decision making process of collective choice and how societies develop rules for governing themselves. This is the first book to bridge economics, psychology, sociology and political sciences and explain the nuanced subtleties of decision making.

Mastering Management with Behavioral Economics

Julia
Mastering Management with Behavioral Economics Book PDF

Author : Julia
Publisher : Sunshine
Page : 0 pages
File Size : 43,9 Mb
Release : 2023-12-02
Category : Electronic
ISBN : 9798869045546

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Mastering Management with Behavioral Economics by Julia Pdf

Behavioral Economics is a fascinating field that combines insights from psychology and economics to understand and predict human behavior in decision-making processes. It delves into the intricacies of why people make certain choices, often deviating from traditional economic theories that assume individuals are consistently rational and always act in their best interest. This subchapter aims to provide an overview of Behavioral Economics, shedding light on its fundamental concepts and principles. Whether you are a student, a business professional, or simply curious about human behavior, understanding Behavioral Economics can offer valuable insights into how individuals and societies make decisions. At its core, Behavioral Economics recognizes that humans are prone to biases, cognitive limitations, and emotions that influence their choices. It challenges the traditional economic assumption that individuals always act rationally by exploring the various factors that impact decision-making, such as social influences, heuristics, and framing effects. By studying Behavioral Economics, you will gain a deeper understanding of why people often make seemingly irrational choices. For instance, why do we tend to overestimate our abilities? Why do we prefer avoiding losses rather than acquiring equivalent gains? These questions and more will be answered as we explore the fascinating world of behavioral economics. Throughout this subchapter, we will delve into key theories and experiments that have shaped the field of Behavioral Economics. We will explore concepts like prospect theory, which explains how people evaluate and make decisions under uncertainty, and the endowment effect, which describes our tendency to value objects we own more than identical objects that we do not own. Additionally, we will discuss the practical applications of Behavioral Economics in various domains, such as marketing, finance, and public policy. By understanding the underlying mechanisms that drive human behavior, you will be better equipped to design effective strategies, influence consumer choices, and drive positive change.

Behavioural Business

Janneke Blijlevens,Meg Elkins,Ananta Neelim
Behavioural Business Book PDF

Author : Janneke Blijlevens,Meg Elkins,Ananta Neelim
Publisher : Springer Nature
Page : 218 pages
File Size : 50,9 Mb
Release : 2023-04-10
Category : Business & Economics
ISBN : 9789811955464

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Behavioural Business by Janneke Blijlevens,Meg Elkins,Ananta Neelim Pdf

This book explores all aspects of the new and emerging area of behavioural business. This book identifies behavioural business as a powerful application of the latest insights and tools from psychology and behavioural science to decision-making in business, management and policy. This book uniquely positions behavioural business as different from both behavioural economics and psychology. This book instead applies a fresh focus on behavioural interventions in policy and business. This book introduces this new area and showcases what it contributes to a number of important contemporary business and policy issues. These include behavioural insights for managers in diverse and multi-cultural workplaces, designers of organisations, interventions, products and services, financial advisors, public policy makers, business creatives and entrepreneurs as well as charity and NGO practitioners. This book summarises state-of-the-art knowledge in the areas of expertise of the authors, who are members of the Behavioural Business Lab at RMIT University in Australia. This book will interest advanced students in related subjects as well as academics and policy makers hoping to learn and apply behavioural insights to their areas of expertise.

Decisions, Preferences, and Heuristics

Pere Mir-Artigues
Decisions Preferences and Heuristics Book PDF

Author : Pere Mir-Artigues
Publisher : Edward Elgar Publishing
Page : 293 pages
File Size : 54,8 Mb
Release : 2023-08-14
Category : Business & Economics
ISBN : 9781035315277

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Decisions, Preferences, and Heuristics by Pere Mir-Artigues Pdf

This enlightening book comprehensively maps the current state of economic psychology and behavioural economics. Exploring key concepts, topics and models in the field, it is also a launching pad for future research and provides useful insights on how good personal and professional decisions can be made, advancing microeconomic discourse.

Behavioral Economics For Dummies

Morris Altman
Behavioral Economics For Dummies Book PDF

Author : Morris Altman
Publisher : John Wiley & Sons
Page : 384 pages
File Size : 48,9 Mb
Release : 2012-02-28
Category : Business & Economics
ISBN : 9781118085035

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Behavioral Economics For Dummies by Morris Altman Pdf

A guide to the study of how and why you really make financial decisions While classical economics is based on the notion that people act with rational self-interest, many key money decisions—like splurging on an expensive watch—can seem far from rational. The field of behavioral economics sheds light on the many subtle and not-so-subtle factors that contribute to our financial and purchasing choices. And in Behavioral Economics For Dummies, readers will learn how social and psychological factors, such as instinctual behavior patterns, social pressure, and mental framing, can dramatically affect our day-to-day decision-making and financial choices. Based on psychology and rooted in real-world examples, Behavioral Economics For Dummies offers the sort of insights designed to help investors avoid impulsive mistakes, companies understand the mechanisms behind individual choices, and governments and nonprofits make public decisions. A friendly introduction to the study of how and why people really make financial decisions The author is a professor of behavioral and institutional economics at Victoria University An essential component to improving your financial decision-making (and even to understanding current events), Behavioral Economics For Dummies is important for just about anyone who has a bank account and is interested in why—and when—they spend money.

The Paradox of Choice

Barry Schwartz
The Paradox of Choice Book PDF

Author : Barry Schwartz
Publisher : Harper Collins
Page : 308 pages
File Size : 41,8 Mb
Release : 2009-10-13
Category : Psychology
ISBN : 9780061748998

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The Paradox of Choice by Barry Schwartz Pdf

Whether we're buying a pair of jeans, ordering a cup of coffee, selecting a long-distance carrier, applying to college, choosing a doctor, or setting up a 401(k), everyday decisions—both big and small—have become increasingly complex due to the overwhelming abundance of choice with which we are presented. As Americans, we assume that more choice means better options and greater satisfaction. But beware of excessive choice: choice overload can make you question the decisions you make before you even make them, it can set you up for unrealistically high expectations, and it can make you blame yourself for any and all failures. In the long run, this can lead to decision-making paralysis, anxiety, and perpetual stress. And, in a culture that tells us that there is no excuse for falling short of perfection when your options are limitless, too much choice can lead to clinical depression. In The Paradox of Choice, Barry Schwartz explains at what point choice—the hallmark of individual freedom and self-determination that we so cherish—becomes detrimental to our psychological and emotional well-being. In accessible, engaging, and anecdotal prose, Schwartz shows how the dramatic explosion in choice—from the mundane to the profound challenges of balancing career, family, and individual needs—has paradoxically become a problem instead of a solution. Schwartz also shows how our obsession with choice encourages us to seek that which makes us feel worse. By synthesizing current research in the social sciences, Schwartz makes the counter intuitive case that eliminating choices can greatly reduce the stress, anxiety, and busyness of our lives. He offers eleven practical steps on how to limit choices to a manageable number, have the discipline to focus on those that are important and ignore the rest, and ultimately derive greater satisfaction from the choices you have to make.

Behavioral Economics and Its Applications

Peter Diamond,Hannu Vartiainen
Behavioral Economics and Its Applications Book PDF

Author : Peter Diamond,Hannu Vartiainen
Publisher : Princeton University Press
Page : 331 pages
File Size : 52,9 Mb
Release : 2012-01-12
Category : Business & Economics
ISBN : 9781400829149

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Behavioral Economics and Its Applications by Peter Diamond,Hannu Vartiainen Pdf

In the last decade, behavioral economics, borrowing from psychology and sociology to explain decisions inconsistent with traditional economics, has revolutionized the way economists view the world. But despite this general success, behavioral thinking has fundamentally transformed only one field of applied economics-finance. Peter Diamond and Hannu Vartiainen's Behavioral Economics and Its Applications argues that behavioral economics can have a similar impact in other fields of economics. In this volume, some of the world's leading thinkers in behavioral economics and general economic theory make the case for a much greater use of behavioral ideas in six fields where these ideas have already proved useful but have not yet been fully incorporated--public economics, development, law and economics, health, wage determination, and organizational economics. The result is an attempt to set the agenda of an important development in economics--an agenda that will interest policymakers, sociologists, and psychologists as well as economists. Contributors include Ian Ayres, B. Douglas Bernheim, Truman F. Bewley, Colin F. Camerer, Anne Case, Michael D. Cohen, Peter Diamond, Christoph Engel, Richard G. Frank, Jacob Glazer, Seppo Honkapohja, Christine Jolls, Botond Koszegi, Ulrike Malmendier, Sendhil Mullainathan, Antonio Rangel, Emmanuel Saez, Eldar Shafir, Sir Nicholas Stern, Jean Tirole, Hannu Vartiainen, and Timothy D. Wilson.

Real-World Decision Making

Morris Altman
Real World Decision Making Book PDF

Author : Morris Altman
Publisher : Bloomsbury Publishing USA
Page : 532 pages
File Size : 43,6 Mb
Release : 2015-06-23
Category : Business & Economics
ISBN : 9781440828164

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Real-World Decision Making by Morris Altman Pdf

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. Traditional economic theories speculate how and when people should spend money. But consumers don't always behave as expected and often adopt strategies that might appear unorthodox yet are, at times, more effective than the rule prescribed by conventional wisdom. This groundbreaking text examines the ways in which people make financial decisions, whether it is because they are smart but atypical in their choices ... or just irrational decision makers. A leading authority on behavioral economics, Morris Altman and more than 150 expert contributors delve into key concepts in behavioral economics, economic psychology, behavioral finance, neuroeconomics, experimental economics, and institutional economics to help inform economic models based on reality, not theory. Through 250 informative entries, the book explores various aspects of the subject including decision making, economic analysis, and public policy. In addition to introducing concepts to readers new to the subject, the book sheds light on more advanced financial topics in a manner that is objective, comprehensive, and accessible.

Misbehaving: The Making of Behavioral Economics

Richard H. Thaler
Misbehaving The Making of Behavioral Economics Book PDF

Author : Richard H. Thaler
Publisher : W. W. Norton & Company
Page : 502 pages
File Size : 54,7 Mb
Release : 2015-05-11
Category : Business & Economics
ISBN : 9780393246773

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Misbehaving: The Making of Behavioral Economics by Richard H. Thaler Pdf

Winner of the Nobel Prize in Economics Get ready to change the way you think about economics. Nobel laureate Richard H. Thaler has spent his career studying the radical notion that the central agents in the economy are humans—predictable, error-prone individuals. Misbehaving is his arresting, frequently hilarious account of the struggle to bring an academic discipline back down to earth—and change the way we think about economics, ourselves, and our world. Traditional economics assumes rational actors. Early in his research, Thaler realized these Spock-like automatons were nothing like real people. Whether buying a clock radio, selling basketball tickets, or applying for a mortgage, we all succumb to biases and make decisions that deviate from the standards of rationality assumed by economists. In other words, we misbehave. More importantly, our misbehavior has serious consequences. Dismissed at first by economists as an amusing sideshow, the study of human miscalculations and their effects on markets now drives efforts to make better decisions in our lives, our businesses, and our governments. Coupling recent discoveries in human psychology with a practical understanding of incentives and market behavior, Thaler enlightens readers about how to make smarter decisions in an increasingly mystifying world. He reveals how behavioral economic analysis opens up new ways to look at everything from household finance to assigning faculty offices in a new building, to TV game shows, the NFL draft, and businesses like Uber. Laced with antic stories of Thaler’s spirited battles with the bastions of traditional economic thinking, Misbehaving is a singular look into profound human foibles. When economics meets psychology, the implications for individuals, managers, and policy makers are both profound and entertaining. Shortlisted for the Financial Times & McKinsey Business Book of the Year Award

Behavioral Operations Management

Christoph H. Loch,Yaozhong Wu
Behavioral Operations Management Book PDF

Author : Christoph H. Loch,Yaozhong Wu
Publisher : Now Publishers Inc
Page : 125 pages
File Size : 55,6 Mb
Release : 2007
Category : Business & Economics
ISBN : 9781601980946

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Behavioral Operations Management by Christoph H. Loch,Yaozhong Wu Pdf

Behavioral Operations Management investigates new developments around behavioral components -- "people issues"--In operations management (OM). While these "people issues" are not new, OM has not dealt with them in a serious or consistent manner until the last 10 years or so. What is new is the emergence of a set of methods and structured areas of study that allow researchers to study these issues within the OM paradigm. The authors provide a definition of Behavioral OM and survey a number of relevant behavioral issues and their applications to the existing OM research. Finally, the authors propose that culture studies in OM may represent a promising direction of future behavioral OM research

Applied Behavioral Economics Research and Trends

Ianole, Rodica
Applied Behavioral Economics Research and Trends Book PDF

Author : Ianole, Rodica
Publisher : IGI Global
Page : 255 pages
File Size : 55,6 Mb
Release : 2016-12-12
Category : Business & Economics
ISBN : 9781522518273

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Applied Behavioral Economics Research and Trends by Ianole, Rodica Pdf

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.

Producer and Organizational Decision-Making

Hugh Schwartz
Producer and Organizational Decision Making Book PDF

Author : Hugh Schwartz
Publisher : Archway Publishing
Page : 114 pages
File Size : 54,7 Mb
Release : 2018-05-02
Category : Business & Economics
ISBN : 9781480862050

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Producer and Organizational Decision-Making by Hugh Schwartz Pdf

Behavioral economics may be losing its way by basing its analyses essentially on consumers and individuals alone, even though the results are also used to guide producers and other organizations. Producer and Organizational Decision-Making do not always share the same shortcomings as those of consumers and other individuals, according to Hugh Schwartz. Consider the achievements of entrepreneurs like Steve Jobs, Elon Musk and Jeff Bezos, whose behavior seems to have been quite contrary to the findings of behavioral economics. Schwartz argues that we need to examine the behavior of organizations--producers, non-profits and government entities--if we are to understand decisions of society as contexts vary and the size of organizations and their relative importance change. Join the author as he offers a history, analysis and critique of behavioral economics and some advice, perhaps controversial, on how to revitalize the field.