Behavioral Economics

The-commitment-effect-its-role-in-business

Category: Behavioral Economics

The Commitment Effect & Its Role in Business

What is the Commitment Effect? When you make a decision on an idea, and then a more efficient, innovative alternative comes along, what do you...

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Halo-Effect-and-Its-Role-in-Business

Category: Behavioral Economics

Halo effect and its role in business

Why do customers return to the same brand over and over? Why do managers select one employee above the others to handle important projects? Why...

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Time-discounting-and-employee-rewards

Category: Behavioral Economics

Time Discounting & Employee Rewards

Human Behavior and Business Human behavior plays a bigger role in business than you might think. Behavioral economics is the study founded and pioneered by...

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Law of reciprocity in business

Category: Behavioral Economics

The Law of Reciprocity in Business

Human nature has a massive impact on all businesses, whether it is apparent or not. At times, human beings make irrational economic decisions. The study...

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Deliberate ignorance Banner image

Category: Behavioral Economics

Deliberate ignorance in the Business Setting

The first line of Aristotle's Metaphysics starts with a seemingly obvious truth "All men by nature want to know". According to Aristotle, our desire for...

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Decision Fatigue

Category: Behavioral Economics

Decision Fatigue

Decision Fatigue refers to the mental exhaustion that is caused after rigorous decision-making sessions. It addresses how the quality of decisions deteriorates after an individual...

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The IKEA Effect and OKR: Boosting Employee Engagement

Category: Behavioral Economics

The IKEA Effect and OKR: Boosting Employee Engagement

More and more, employee engagement has come to be considered one of the most important pillars of successful corporate strategy. According to the 2018 SHRM/Globoforce...

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Behavioral Economics and Employee Engagement

Category: Behavioral Economics

Behavioral Economics and Employee Engagement

How many of us have landed our ideal dream job? According to the Gallup reports, only 33% of the U.S. labor force and 15% of...

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The Role Loss Aversion Plays in the Goal Setting Process

Category: Behavioral Economics

The Role Loss Aversion Plays in the Goal Setting Process

Loss aversion as its name implies occurs when the psychological impact of losing something outweighs the pleasure of gaining. The economists have identified loss aversion...

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