Behavioral Economic Method Predicts Consumer And

2019-09-28

Author : Johnny Ch LOK
Release : 2019-09-28
Genre :
Kind : eBook
Book Rating : 903/5 ( reviews)

Book Synopsis Behavioral Economic Method Predicts Consumer And by : Johnny Ch LOK

Download or read book Behavioral Economic Method Predicts Consumer And written by Johnny Ch LOK. This book was released on 2019-09-28. Available in PDF, EPUB and Kindle. Book excerpt: Can bonus method encourage service performance to be raised ?In service job nature of bonus method can also raise employees' overall productivities or service performance. For example, when employees got a provisional bonus before the start of the workweek, but were warned that they would lose it on payday, unless they achieve the productivities or excellent service performance norm, they worked more productivities or let many clients to satisfy their service performance. Hence, managers can achieve bonus plan to compensate any excellent productivity or excellent services to them. Then, they can let clients to feel their service performance more satisfactory than employees of a control group who were merely given the standard promise to receive a bonus upon achieving the norm.The effort was relatively small, however, productivity grew 1%. Interestingly, the effect of a loss was stronger when how teams were rewarded this way, social pressure came to bear on the less productivity team members. When the team members won't earn any bonus. So, long-term productivity gains were achieved through bonuses paid by excellent performance compensation method to compare to low service performance employees receiving no bonuses at all.Economic views of human motivation natureThere are only two main types of economic actors and by making simplifying assumptions about how these types of actors behave and interact. The two basic sets of actors in this model are firms, which are assumed in this model are firms, which are assumed to maximize their profits from producing and selling products and services, households, which are assumed to maximize their utility ( or satisfaction) from consuming products and services.It seems any employees will choose to do behaviors to achieve to earn much benefits from their organizations. The models of economic behaviors that consider considerate employees' choice of goals, the actions they take to achieve these goals and the limitations and influences that affect their choices and actions.For university students choose which universities to study case, suppose that any college enrollment students are deciding which courses to study. Thus, it implies that if the university can provide many different kinds of suitable or right courses to any college enrollment students to choose to study. It means that if the university can provide many different kinds of courses to enrollment students to choose to study. Then, it will have much chance to attract enrollment students to choose this university to study. It's competition can be raised by many courses choice factor. but, in fact, it is not absolute right, although the university can provide many courses to provide to enrollment students to choose to study. But, it is not guarantee to represent it must attract many students to enroll this university to study. For example, suppose that college enrollment students are deciding which courses to choose to study. Although, it has right course to prepare to these enrollment students to choose to study. But, they see a summary of evaluations from hundreds of other students indicating that a certain course is very good in this university. Then, suppose that they match a video interview of just one student to give a negative review of this university of the course. Even when students were told in advance that such a negative review was worse to this university of the course. They tended to be more influenced by the negative review than the summary of hundreds of evaluations, even although such behavior seems irrational. Hence, although many right courses choice has much chance to attract students to enroll this university to study. But, if its bad educational quality from this course from negative review factor, which will influence the enrollment students number to be reduced.

Behavioral Economic Method Predicts How Employee Influences

2019-10-24

Author : Johnny Ch LOK
Release : 2019-10-24
Genre :
Kind : eBook
Book Rating : 219/5 ( reviews)

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Book Synopsis Behavioral Economic Method Predicts How Employee Influences by : Johnny Ch LOK

Download or read book Behavioral Economic Method Predicts How Employee Influences written by Johnny Ch LOK. This book was released on 2019-10-24. Available in PDF, EPUB and Kindle. Book excerpt: How can apply behavioral economy method raises basic stable income consumer consumption desireEconomists aim to develop models of human behavior and interactions in consumption markets. But consumers behave in complex ways, such as how to predict consumers to make rational decisions in consumption processes. Moreover, self-consumption control and motivation can vary significantly across different individual consumer.In order to build useful consumption prediction models, economists make simplifying assumptions, aims to predict how to raise stable basic income consumer target group consumption more success. However, behavioral economy method is one kind of accurate consumption prediction method. It can be applied to predict economic decision-making to every consumer consumption choice more accurate raising whose consumption desire?I shall indicate how to apply different behavioral economy methods to raise stable basic stable income target consumer group consumption desire in these different consumption situation ( consumption environment) aspects as below:1.Stable basic stable income consumer group consumption great or small amount desireThe consumption of products and services is a fundamental part of consumer's welfare. Basically, every one who has stable basic stable income, who will like to consume any products and services. Even, consumption great or small amount desire won't be depended on whether the person whose income is more or less. It means low income level of people will still like to consume great amount to buy expensive products or consume expensive services, because consumption is human's part of life and basic needs. This stable basic income people will like to consume, because they have stable income source when they do not worry about unemployment occurrence to cause them have no enough money to support their life. Otherwise, non-stable basic stable income people won't like to consume because they feel they have no stable basic income source to support their life and they will worry about unemployment occurrence any time. Hence, stable basic income people will have more consumption desire to compare non-stable basic stable income people in any countries usually. Behavioral economic method indicates they feel their economic benefits will be loss if they planned to buy any products or consume any services easily. So, they prefer to save money in bank more than consumption.

How Behavioral Economic Method Explains And Predicts

2019-05-07

Author : Johnny Ch Lok
Release : 2019-05-07
Genre :
Kind : eBook
Book Rating : 824/5 ( reviews)

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Book Synopsis How Behavioral Economic Method Explains And Predicts by : Johnny Ch Lok

Download or read book How Behavioral Economic Method Explains And Predicts written by Johnny Ch Lok. This book was released on 2019-05-07. Available in PDF, EPUB and Kindle. Book excerpt: How to improve the design of incentive structures to encourage productivities in any organizations?Any monetary incentive can only encourage productivities in short term. It can not only encourage productivities in long term in any organizations. It is similar to cheap or discount product price can only attractive consumers to buy the product in short term, it can not attract consumers to choose to buy the product in long term, it prefers to have more options to encourage labors to incentive productivities, e.g. investing good beneficial retirement plans. Suggesting that employees do not have free disposal of their investment options. These standard incentives seem irrelevant raising salary monetary factor, they can be quite effective in inducing labors to take particular actions to incentive productivities in long term. Due to when they can hard work, then they have more beneficial retirement plans or investing plans for their retirement. It means when they can achieve the most effective or efficient productivities to the employer for long term. It will give better retirement benefits and investment benefits to the better or even the best performance of employees. Otherwise, the worst performance employees won't earn good retirement benefits and investment benefits, when their employers feel their perform very poor in the organizations in long term.Hence, increasing salary level method is not one successful long term incentive method to persuade every employee to raise productivities or encourage excellent performance optional method. Increasing salary level is only similar to reduce product price and it is only short term encouragement to consumption or productivities method.In conclusion, extrinsic monetary factor can not incentive labor's raising productivities more than every employee themselves intrinsic motivation to raise productivities as excellent performance in any organizations. Thus, organizations need to let employees to feel that they can give long term economic benefits to encourage their intrinsic motivation effort to be raised their productivities or performance more effective or efficient in order to achieve long term both win-win economic benefits to employees and employers both.

Behavioral Economic Theory Explains Consumer And Employee Behaviors

2020-02-29

Author : Johnny Ch Lok
Release : 2020-02-29
Genre :
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Book Synopsis Behavioral Economic Theory Explains Consumer And Employee Behaviors by : Johnny Ch Lok

Download or read book Behavioral Economic Theory Explains Consumer And Employee Behaviors written by Johnny Ch Lok. This book was released on 2020-02-29. Available in PDF, EPUB and Kindle. Book excerpt: How to apply behavioral economic method to contribute to predict every country's labor market changing behavior ?Instead of applying behavioral economic method to predict every consumer individual consumption effort. Behavioral economic method can be also be applied to predict every country's labor market changing behavior. Particularly, how salary clerical workers or low wage labor workers should move from one type of job to another based on these factors. They include as below: Their intrinsic motivation and how their levels of effort would change after this movement, investigates the effects of income security on social preferences in labor market changing behavior, and how cooperation in social contribution is affected when income security is guaranteed, how to predict the role of positional externalities on conspicuous consumption and how would change the incentive to influence consumption. So, it seems that general labor market job changing behaviors will not influenced by external economic environment better or worse changing factor, or salary changing factor etc. different environmental condition changing factors influence to employees' job changing. Generally, employee's job changing behavior is more influenced to persuade who changes job by himself/herself intrinsic motivation negative emotion influence mainly.How to apply motivation crowding theory to predict labor productivity? One of the main challenges of economic theory is to find what are the optimal incentives that increase productivity of labors. The standing point is usually extrinsic incentive be it is form of monetary compensations for high effort or fine for low effort. It is a kind method of reward or punishment to increase or decrease number of productivity to every labor. But it can only raise short term number of productivity in possible and it can not guarantee high quality of productivity. So if one employer wants a labor to do more of an activity or with a higher quality, consider paying the labor for working hard on punishing whom if for providing a low level effort. This idea is that people do not like to work, and therefore they used some sort of compensation for doing a specific activity, and that the more they are paid the harder, they will work. So, payment better compensation is only beneficial to encourage labors to do one specific task or activity in short term. This method can not be suitable to rise long term beneficial productivity and high level quality of production or excellent performance in long term and it can only keep in short term raising productivity and high level quality of production or excellent performance benefits.Consider paying the labor for working hard on punishing whom if for providing a low level effort. This idea is that people do not like to work, and therefore they used some sort of compensation for doing a specific activity, and that the more they are paid the harder they will work. So, payment better compensation is only beneficial to encourage labors to do one specific task or activity in short term. This method can not be suitable to raise long them beneficial productivity and high quality of products.However, economists would argue that, is a labor has high intrinsic motivative to perform a task, who will provide a high level of effort without compensation by himself/herself but an even higher level of effort of whom is compensated. If a labor does not have any intrinsic motivation to perform a task or an activity, who will provide no effort or a low effort of whom. There is no compensation, but who will increase this level of effort of an extrinsic incentive is implemented.

Behavioral Economy Methods Predict Consumer Behaviors

2018-04-17

Author : Johnny Ch LOK
Release : 2018-04-17
Genre :
Kind : eBook
Book Rating : 274/5 ( reviews)

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Book Synopsis Behavioral Economy Methods Predict Consumer Behaviors by : Johnny Ch LOK

Download or read book Behavioral Economy Methods Predict Consumer Behaviors written by Johnny Ch LOK. This book was released on 2018-04-17. Available in PDF, EPUB and Kindle. Book excerpt: I shall research three questions.(1)Whether has it relationship between behavioraleconomy and consumer psychology ?(2)Can apply behavioral economy concept topredict consumer behavior?(3)How can apply behavioral economy conceptto predict consumer behavior?In part one, I shall explain what behavioral economy mean and function is, and I shall indicate some examples of behavioral economy method.In part two, I shall indicate how to apply behavioral economy methods to attempt to predict Disney visitor's behavioral choice to visit , university student behavioral choice to study, underground train MTR's passenger's behavioral choice what transportation tool to catch, airline passenger's behavioral choice which airline to buy airticket to catch airplane and environment protection product buyer's behavioral choice to buy any kind of environmental product reasons.Because economic is the science of how resources are allocated by individuals, firms and markets. So, the psychology of individual behavior should be influenced by environment economic factors. Behavioral economy is seem a mathematical tool to predict consumer behaviors, e.g. product price, purchase of insurance, corporate structure and personal decisions, like investment in education or investment in saving.These external economic environment factors, firm's internal strengths or weaknesses factors and consumer's individual psychological factors will influence how many the consumers choose to buy the firm's products or consume the firm's service provision in every year.I write this topic main aim to explain how to apply behavioral economy methods to predict consumer behavior or employee behavior. In my this book, I shall indicate UK and US some public or private entrepreneurs' model, how to apply behavioral economy methods to predict whose marketing behaviors in macro economy view point as well as organizational behavior in micro economy view point both. Different industries have different unique marketing consumption models. How to apply behavioral economy methods to predict behavior in order to know what is the main psychologyical factors to influence these sample UK, US sample entrepreneur's consumers choices to decide to consume themselves services or buy their products more attractively. I shall apply marketing behaviors in macro economy view point as well as organizational behavior in micro economy view point both to indicate these factors, such as product price, purchase of insurance, corporate structure and personal decisions, like investment in education or investment in saving. To explain why these factors will influence consumer numbers to any firms.

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