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Managerial Economics: A Problem-Solving Approach, by Luke Froeb et al.
Dr. Froeb
Managerial Economics: A Problem-Solving Approach, by Luke Froeb et al.
Dr. Froeb absolutely agrees with Jon. “Problem-solving proceeds in two steps. First, reduce a problem to a bad decision, and then figure out who made it and why. Second, figure out how to ensure that the bad decision won’t be made again. Both steps require a model of how people behave. We use the “the rational actor” paradigm, which assumes that people act rationally, optimally, and in their self-interest. Under this paradigm, bad decisions are made for one of two reasons: (i) either decision-makers do not have enough information to make good decisions, or (ii) they lack the incentive to do so. Incentives have two pieces: a metric to measure how well an employee is performing, and a link from pay to performance.”
Answer the following question(s) in a 1 page (minimum) paper:
Describe what economic incentives are, and identify at least 3 incentives you have experienced.
Discuss how they influence businesses and entrepreneurs. Under every topic we cover in this course, we will be looking for the incentive that drives decisions.
For this week’s HGTE, view the short clip from the Live Lesson video and read the short excerpt from Luke Froeb.
Live Lesson – Perverse Incentives
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