1. Altruism refers to humans behaving with more kindness and fairness than would be expected if they acted rationally according to self-interest.
2. Anchoring is the tendency for people to rely on irrelevant reference points or anchors when making estimates.
3. Bounded rationality recognizes the cognitive limits of humans in making fully rational decisions due to limits in information, time, and brain processing capacity.
When should a company simply buy from other companies and resell the products? When should they produce by themselves? I present a costing presentation on this.
Case study over current position of Netflix and where it is heading. AFI framework was used to provide insight into new viable strategies with recommendations on how Netflix can maintain a competitive advantage in the future.
During the HEC MBA application process, I was asked to do a presentation on a topic I was interested in.
In this presentation, you will find a summary of the long tail concept coined by Chris Anderson and some contradictions to it (superstar effect for example).
When should a company simply buy from other companies and resell the products? When should they produce by themselves? I present a costing presentation on this.
Case study over current position of Netflix and where it is heading. AFI framework was used to provide insight into new viable strategies with recommendations on how Netflix can maintain a competitive advantage in the future.
During the HEC MBA application process, I was asked to do a presentation on a topic I was interested in.
In this presentation, you will find a summary of the long tail concept coined by Chris Anderson and some contradictions to it (superstar effect for example).
Updated revision presentation on aspects of behavioural economics and topical issues where behavioural nudges are being used to change the choices of consumers and businesses.
rganizational behavior (OB) is a field of study that focuses on understanding, explaining, and improving the behavior of individuals and groups within organizations. It is concerned with how people behave in work settings, how organizations affect their behavior, and how individuals and groups interact with each other and with the larger organizational context.
Organizational behavior draws from a variety of disciplines, including psychology, sociology, anthropology, and economics. It encompasses topics such as motivation, leadership, communication, group dynamics, decision-making, organizational culture, and organizational change.
The goal of organizational behavior research is to develop a better understanding of why people behave the way they do in work settings and to identify ways to improve organizational performance and employee well-being. This knowledge can be applied in a variety of settings, including businesses, government agencies, and non-profit organizations.
Updated revision presentation on aspects of behavioural economics and topical issues where behavioural nudges are being used to change the choices of consumers and businesses.
rganizational behavior (OB) is a field of study that focuses on understanding, explaining, and improving the behavior of individuals and groups within organizations. It is concerned with how people behave in work settings, how organizations affect their behavior, and how individuals and groups interact with each other and with the larger organizational context.
Organizational behavior draws from a variety of disciplines, including psychology, sociology, anthropology, and economics. It encompasses topics such as motivation, leadership, communication, group dynamics, decision-making, organizational culture, and organizational change.
The goal of organizational behavior research is to develop a better understanding of why people behave the way they do in work settings and to identify ways to improve organizational performance and employee well-being. This knowledge can be applied in a variety of settings, including businesses, government agencies, and non-profit organizations.
Behavioural Economics content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics:
Alternative Views of Consumer Behaviour
Behavioural Biases
Nudges
Persuasion architectures: Nudging People to do the Right ThingUser Vision
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Review of some of the most popular commercial and public sector persuasion methodologies. Plus some reasons why they may not work and some criticisms, and a comparison of how supermarkets persuade us, offline.
Our traditional approach to the design of policy, systems, services, environments, and products isnât going to serve us well in the 21st Century. As a result we are going to have to evolve the practice of design to shape behavior for a preferable future. Our proposal is that âshapingâ behavior becomes the new function of design in the 21st Century. By defining âpreferable futuresâ as the outcome of our work we are forced to consider the longitudinal impacts of our work socially, culturally, ethically and environmentally.
How to Split Bills in the Odoo 17 POS ModuleCeline George
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Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
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The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesarâs dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empireâs birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empireâs society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
The Art Pastor's Guide to Sabbath | Steve ThomasonSteve Thomason
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What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
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This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
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http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasnât one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
Model Attribute Check Company Auto PropertyCeline George
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In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
2. Key Terms Glossary sheet
Key Term Explanation
The phenomenon in behavioural science for humans to behave with more kindness and
fairness than would be the case if they behaved rationally.
The ultimatum game is a good example of the principle. Imagine a situation in which two
people are paired up; one participant is given ÂŁ20 and asked to split it between the two
of them in any way that they like. The rational decision (i.e. optimising) is to split it 19:1
but this rarely happens, with the split usually being closer to 10:10.
Altruism is often linked to the concept of inequity aversion i.e. humans do not like unequal
outcomes. Whilst this is usually seen as positive, it can also result in a negative outcome
e.g. a person being willing to forego a gain / reward if it means that someone else wonât
gain an even better reward.
Altruism
The use of (usually) irrelevant information as a reference point for helping to make an
estimate of an unknown piece of information. In other words, people use an âanchor
pointâ of an event or a value that they know in order to make a decision or estimate.
Behavioural scientists describe this as a cognitive bias.
Anchoring
This concept is closely linked to that of bounded rationality. Rationally, and according to
neoclassical economic theory, consumers know when the price of a good/service exceeds
the marginal utility they gain from consuming that good/service â in this rational world
of homo economicus, consumers stop consuming. In reality, though, there is plenty of
evidence to suggest that consumers often do not stop consuming even when it makes
sense to stop â think about over-eating, excessive investment in a particular stock or
share and so on.
Many behavioural scientists link bounded self-control to the concept of hyperbolic
discounting i.e. valuing the present much more than the future, and making decisions that
their âfuture selfâ would not like. This can help to explain, for example, peopleâs inability
to save effectively for retirement.
Bounded
self-control
The idea that the cognitive, decision-making capacity of humans cannot be fully rational
because of a number of limits that we face. These limits include:
⢠Information failure â there may be not enough information, or it may be unreliable,
or maybe not all possibilities or consequences have been considered
⢠The amount of time that we have to make our decisions
⢠The limits of the human brain to process every piece of information and consider
ever possibility
⢠The impact of emotions on decision making
The result is that we usually end up making satisficing decisions, rather than optimising
decisions. To make decision, we end up using ârules of thumbâ or heuristics. Sometimes
we rely on automatized routine too.
The impact of bounded rationality is that contracts cannot be fully complete in order to
cover all possibilities, and this suggests that markets rarely work perfectly.
Behavioural economists generally point out that bounded rationality is not the same as
irrationality, because decision-makers are still attempting to make as rational a decision
as possible.
Bounded
rationality
3. Key Term Explanation
TThis refers to a scenario in which the environment in which someone must make a
decision / choice has been carefully designed in order to try and influence that decision.
There is a variety of ways in which the âenvironmentâ can be designed. For example:
⢠Altering the âdefaultâ option â studies show that most consumers stick with the
âdefaultâ option, so producers should think about which option they would most
like consumers to used
⢠Providing âimmediate feedbackâ on choices that are made in order to make
consumers reconsider their decision
⢠Altering the number of options available or changing the wording in order to
subconsciously manipulate decisions
This term was developed by Thaler and Sunstein in 2008.
In short, the framing of a choice in order to manipulate the outcome of someoneâs decision.
Choice
architecture
A situation in which someone is faced with too many choices or options. The outcome is
likely to be one of the following:
⢠Greater application of heuristics, resulting in a less-than-optimal outcome
⢠Greater unhappiness / stress in the decision-maker
⢠Greater chance of going with the default option
⢠Greater chance of choice deferral i.e. being so overwhelmed that no decision is made at all
⢠Greater chance of bounded self control as decision fatigue kicks in.
Choice
overload
This exists when someone thinks in a way that can be regarded as irrational or that goes
against good judgement. Cognitive biases are usually a result of either mental shortcuts
or heuristics (i.e. techniques that we use to help us make decisions more quickly) or
âmotivationalâ explanations.
There are many examples of cognitive bias which have been investigated by behavioural
scientists. Some common ones are below:
⢠Anchoring effect: relying too heavily on an irrelevant piece of information to help us
make a decision
⢠Availability heuristic: overestimating the likelihood of something happening because
a similar event has either happened recently or because we feel very emotional
about a previous similar event
⢠Confirmation bias: the tendency for humans to only remember information that
supports their own views
⢠Curse of knowledge: the difficulty that well-informed people have in understanding
how lesser-informed people might think
⢠Endowment effect: the phenomenon in which people often demand a greater
amount of compensation/money to give up something that they have than they
would be willing to pay for it in the first place
⢠Hindsight bias: the tendency to see events in the past as having been predictable
⢠IKEA effect: a scenario in which people place an overly-high value on an object that
they have either fully or partially assembled themselves, regardless of the quality of
the outcome
Cognitive
bias
4. Key Term Explanation
⢠Overconfidence effect: the phenomenon in which humans are often over-confident
in their answers to questions
⢠Planning fallacy: the tendency to (significantly!) underestimate how long it will take
to complete a task
⢠Zero-risk bias: the human preference for reducing an already-small risk to zero,
rather than reducing a high risk by a large amount
The default choice or default option is the option that a consumer âselectsâ if he or she
does nothing. Studies have shown that consumers rarely change the default settings.
So, the nature of the default option strongly affects consumer behaviour. Therefore, if the
default option or setting is changed, then consumer behaviour will change.
Default
Choice
This term stems from the Nobel-prize winning work of Daniel Kahnemann, who is best
known for his work Thinking, Fast and Slow. System 1 thinking is fast, sub-conscious and
automatic. System 2 thinking is slow, controlled and conscious. We tend to use System
2 thinking when the decision is really important, is highly personal to us and when our
decision may have a large impact on other people.
Dual-system
theory
This refers to a rigid pattern of behaviour followed by a person. For example, it could refer
to the subconscious purchase of identical items each week, or the pattern followed by
someone who always lights up a cigarette, without thinking, when they make a cup of
coffee. Habit is often linked with System 1 thinking (see Dual-system theory). It is also
often linked with the idea of the status quo bias, when people stick with a previous
decision, even if it is no longer the most appropriate decision.
Habit
A phenomenon in which individuals act collectively as part of a group, often making
decisions as a group that they would not make as an individual.
There are 2 generally accepted explanations of herd behaviour. Firstly, the social pressure
to conform means that individuals want to be accepted â and this means behaving in the
same way as others, even if that behaviour goes against your natural instincts. Secondly,
individuals find it hard to believe that a large group could be wrong (â2 heads are better
than 1â) and follow the groupâs behaviour in the mistaken belief that the group knows
something that the individual doesnât.
We sometimes also see this described as the bandwagon effect or groupthink.
In short, herd behaviour is about making a decision based on the behaviour of others.
Herding /
herd
behaviour
5. Key Term Explanation
In general terms, a heuristic is a method or technique that people use to help them make
a decision or solve a problem more quickly. We often use the phrase rule of thumb to
mean the same thing. The outcome from using the heuristic may not be perfect or
optimised, but is usually âgood enoughâ.
The term was developed, along with bounded rationality and satisficing, by the cognitive
scientist Herbert Simon.
Heuristics
A situation or scenario in which people must make a decision in advance with respect to
whether they wish to participate in a particular action â they are required by law to make
that choice. These decisions are usually âpublic policyâ decisions e.g. deciding whether
to donate your organs when you die, deciding whether to make a âliving willâ etc.
Mandated
choice
A technique used by choice architects in which someone is persuaded to make a decision
based on negative consequences e.g. if you choose to park in that space then there is a
chance that your car could be towed.
Negative
framing
A technique by which consumption can be reduced by packaging something into smaller
amounts. When something (e.g. money, a packet of crisps, sweets) are packaged into
separate, smaller packages, then consumers face more decision points which can slow
the rate of spending or consumption.
Partitioning
Because of the existence of bounded rationality, consumers can find it really difficult to
make effective decisions when the number of choices or options is large; this may result in
them failing to make any decision. Therefore, restricting the number of available choices
may be more likely to cause consumers to act and actually make a decision, resulting in a
more efficient outcome.
Restricted
Choice
A phenomenon in which the demand curve for a good changes shape dramatically once
the price of the good is zero. Standard economics cannot explain the psychological power
of a good that is free!
Zero price
effect