Behavioral economics

government dealing with structural problems in the South African economy. Evidence was gathered through primary sources and compiled in order to accurately answer the questions at hand. Hassen believes that no matter which policy is taken in light of the economic crisis, the region will not see extensive results in either the employment level or in the reduction of poverty. Hassen observes that the main poverty trap in South Africa is the structure of its economy, specifically the lack of…

As the world become more intertwined and complicated, competitions inevitably exist in almost every aspect of life. From the fear of being picked last in a gym class to the fear of being the last person to get a promotion at your firm, it seems to be inherit as a human being to dislike sitting in the last place. Kuziemko et al’s “Last-Place Aversion: Evidence and redistributive implications” suggests that people are generally last place averse and would more likely to gamble as long as there is…

Ariely discusses how dishonest offers look like great deals, but instead are taking advantage of our gullibility. He argues that originally trustful people quickly lose that trust when cheated and it is hard to get it back. In terms of business and economics people are now recognizing that businesses do what’s in their best interest and not necessarily what’s in the public’s best interest, which diminishes trust. Not only do businesses engage in distrust but so do people in terms of cheating…

Like many post-secondary students close to graduating in the next few semesters, I now face the decision on how to best utilize the MBA degree that I have worked diligently to attain. Unlike most students, I returned to school to change fields, having spent 20+ years in the social service sector; I now pursue career opportunities existing for those with degrees in business administration. I could have chosen health administration or public administration where I could utilize the knowledge…

Financial planning is the process of implementing financial strategies and concepts in a coordinated and integrated manner, in order to uniquely address an individual’s financial needs, goals and concerns. Financial planning, in broad terms, encompasses cash flow and budgeting needs, protection planning concerns relating to life insurance, disability coverage and health care, investment planning and asset management, tax planning, retirement planning and estate planning. The process of financial…

movement to restore civic virtue and civic participation in America (pg. 441). It’s going to take a nation willing to make a change to restore this nation to its original state. Now, more than ever, is the perfect time for such change. After years of economic growth, it’s time for newfound prosperity to turn into social capital (Putnam, 2003, pg. 441). All it takes is a small investment in social capital to generate enormous returns. Americans hold the key to their own success, and all it…

Some other factors like risky investments, extraordinary preferences, unthoughtful and emotional financial steps, behavioral biases, and some major global changes or change in economic factors can also make people suffer financial losses. The article demonstrates that there is a need to develop some standardized financial measures, because in the absence of these one cannot estimate his progress in…

Student Name: Cathal Quigley Student Number: 111401688 Lecturer: David Butler Module Code: EC4225 – The Economics of Strategy Submission Date: 31/03/2015 Q1. Describe your chosen game and explain the unique features of it? Prisoner’s Dilemma in Game Theory is the best-known game of strategy in the social sciences and it helps us to understand what governs cooperation and competition in business, politics, sports, social settings and much more. In the traditional version of the…

Addictions are one of the costliest human conditions, having significant effects on mental, physical l, and economic health. For example, the economic tolls of alcoholism typically range from 1% to 3% but can be as high as 6% of a country’s gross domestic product (Rehm at al., 2009). This is just one example of an addiction and how huge it is. I work and go to school for the hospitality major where addiction is always in the forefront, from selling alcohol, to the classic idea of a diner…

Marketing Management: Case of United Airlines Introduction: In the business market worldwide there are different customer segments that are valuing different products attributes and are having specific & unique desires. Thus, this is where the business organizations are playing role in following different marketing strategies trying to create value for each of their customers. Since there are different forces in the marketing environment that are directly or indirectly influencing the…