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Set of flashcards Details
| Flashcards | 23 |
|---|---|
| Language | English |
| Category | Micro-Economics |
| Level | University |
| Created / Updated | 23.07.2017 / 24.07.2017 |
| Weblink |
https://card2brain.ch/box/20170723_wirtschaftsenglisch
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I.NUDGING
Bounded Rationality
making decisions by constructing simplified models that extract the essential features from problems without capturing all their complexity
Intuitive Decision Making
Unconscious process created out of distilled experience
Rational Decision Making
describes how individuals should behave in order to maximize some outcome
Confirmation Bias
Tendency to seek out information that reaffirms past choices and to discount information that contradicts past judgements
Availability Bias
Tendency to base their judgments on information that is readily available to them
Escalation of Commitment
An increased commitment to a previous decision in spite of negative information
Heuristics
Mental shortcuts that allow people to solve problems and make judgments quickly and efficiently
Prospect Theory
1. Diminishing Sensitivity
- more sensitive to changes near their status quo than to changes further form that
- tend to focus on numbers that indicate a scale's value, while disregarding the unit of the scale
2. Endowment effect
Inclination to value and pay more for an item which is already in possession than for an item that has yet to be attained
3. Framing effect
Choices may appear more or less attractive depending on how they are worded
4. Loss aversion
we feel losses more keenly than gains
5. Prospect Theory
- demonstrates how people decide between alternatives that involve risk and uncertainty
- illustrates how we make non-rational decisions as we are guided by emotion and heuristics
6. Reference point
when making decisions, the perception of an outcome is determined by the reference point
7. Representativeness heuristic
Rather superficial way in which the intuition handles probabilities (stereotype)
II. GAMIFICATION
1. Self-determination Theory
Theory of motivation that is concerned with the benefical effects of intrinsic motivation and the harmful effects of extrinsic motivation
2. Extrinsic rewards
Usually financial, tangible rewards given to employees by managers:
pay raises, bonuses and benefits
3. Intrinsic rewards
Psychological rewards that employees get from doing meaningful work and good performing
Beispiele für Intrinsic rewards
autonomy - i control
mastery - i improve
relatedness - i make a difference
progress - i achieve
social interaction - i connect with others
competition, responsibility, recognition
4. Profit-sharing plan
Organization-wide program that distributes compensation based on some established formula designed around a company's profitability
5. Flexible benefits
benefits package which is individually tailored to his or her own needs and situation
6. Bonus
rewards recent performance rather than historical performance
7. Merit-based pay plan
pay plan based on performance appraisal ratings
annual payment
8. Variable-pay program
pay plan that bases a portion of an employee`s pay on some individual/ organizational measure of performance
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