Free Ebook BookEscalation in Decision-Making Behavioural Economics in Business

Free Escalation in Decision-Making Behavioural Economics in Business

Free Escalation in Decision-Making Behavioural Economics in Business

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When a venture seems to be faltering, do you persist and hope that things will get better or do you cut your losses This may be one of the most important decisions business or project owners may ever have to make. Persistence involves the risk of throwing good money (or resources) after bad, but owners may feel they have too much invested to quit now.Escalation in Decision-Making reveals why social scientists believe that owners may not respond rationally to such predicaments. Instead of exiting when the odds are clearly stacked against them, they re-invest and end up compounding their losses – a phenomenon known as escalation of commitment. The authors, Helga Drummond and Julia Hodgson, also introduce the concept of entrapment, a variation whereby decision-makers passively drift towards insolvency as the cost of changing direction becomes too high. So:· what drives escalation· why do some owners quit whilst others persist until the bailiffs arrive· what can we learn from owners' mistakes · what makes newcomers believe they can succeed where others are conspicuously failingThese questions of behavioural economics are answered using a narrative that analyses decisions made by market traders facing economic extinction. Many highly successful entrepreneurs started their careers in markets - it was once an almost guaranteed route to prosperity - now market traders are struggling to survive. Although the market traders featured are small entrepreneurs, the ubiquitous phenomenon of escalation at the heart of these stories is widely relevant to practitioners such as project managers in large organizations and to those responsible for managing risk in many situations.Rich in case studies involving real business decisions and dilemmas, Escalation in Decision-Making provides an accessible introduction to the application of theory against a background of growing interest in behavioural economics, now being researched and taught in universities and increasingly attracting the attention of business practitioners. CSR Jobs & Sustainability Jobs Corporate Social ... CSR jobs: Acre is the leading recruitment agency for CSR & sustainability. Browse a wide range of corporate social responsibility jobs SRI jobs corporate governance ... Customer Centricity - slideshare.net Eric CHUA Business Advisory Program - Singapore Institute of Management / SPRING Singapore at Business ... Sunk cost - Wikipedia In economics and business decision-making a sunk cost is a cost that has already been incurred and cannot be recovered. Sunk costs (also known as retrospective costs ... acronyms finder dictionary and abreviations finder ... This free acronyms and abbreviations finder is a dictionary of useful acronyms and abbreviations for training learning teaching etc. Project Management MSc : Business Management and ... Key facts. Our courses are carefully designed to prepare you for a successful business career. Our wide range of business Masters from management marketing and ... Conflict Management : Characteristics Types Stages ... Read this article to get information about Conflict Management : its characteristics concept types stages causes styles factors regarding Conflict Management ... Environmental Jobs and Recruitment Acre International environment jobs within environmental management EIA environmental planning and resource efficiency Daniel Kahneman - Wikipedia Daniel Kahneman; Born March 5 1934 (age 83) Tel Aviv Mandatory Palestine: Residence: United States: Nationality: United States Israel: Fields: Psychology economics ARCOM Abstracts database Search or browse again or refine search. Click on the titles below to expand the information about each abstract. Viewing 11305 results ... (2001) . The brain adapts to dishonesty : Nature Neuroscience ... In this paper the authors show that dishonesty gradually increases with repetition. This escalation is supported by a reduction in response to self-serving ...
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