Insights from Economic Experiments
Plott et al (2006): Testing Rational Choice
This study explores how experimental markets can test rational individual choice. Theories of markets where rational individual choice is a necessary component either challenge its predictions or cannot be applied.
Design & Implementation
- Based on Induced Value Theory.
- Suppliers and buyers had marginal cost and demand functions.
- Middlemen bought from suppliers and sold to buyers, repeated each period.
- Inventories could not be carried forward to the next
Optimizing HR: Performance Evaluation, Compensation, Conflict
Employee Assessment
Employee assessment is the process of evaluating an individual’s quality, quantity of work, and the efficiency with which they carry out activities, roles, and responsibilities within their position. This evaluation process can be challenging for two main reasons:
- It involves subjective judgment and is not free of bias.
- Friction may arise between the appraiser and appraisee.
Despite these challenges, the assessment process offers significant positive aspects:
- Provides crucial information
America’s Economic Transformation: From Post-War Boom to Depression
The Roaring Twenties: America’s Economic Boom and Bust
1. Consequences of World War I for the U.S.
The United States was exceptionally well-positioned after the First World War. During the conflict, the sale of food, weapons, and industrial products to the Allies allowed the country to accumulate half of the world’s gold reserves, and the dollar became a strong bargaining chip. Moreover, human losses were significantly lower compared to other belligerent nations.
By the end of the war, the United States
Read MoreComprehensive Job Analysis and Position Valuation Techniques
Position Evaluation
Position evaluation assesses the task, not the individuals occupying the position.
Information Collection
Aspects of Work
- Asking the owner directly
- Reviewing written inventory
- Meeting with other supervisors
- Comparison
Working Methodologies
FJA (Functional Job Analysis)
- Nature of the job
- Summary and requirements of employees
- Classification of work activities
- Organization of functions ranging from simple to complex
- Job-related tasks that include objectives and needs identified in training
MPDQ
Read MoreModern Accounting Firm Strategies for Business Success
The structure of accounting firms today must be meticulously planned to support the complex and dynamic requirements of modern clients. Success hinges on principles of delegation, motivation, and continuous interaction within highly trained teams. A key determinant of success is the identification of team members with the ultimate goals of the organization they serve.
Adapting to Small and Medium-Sized Enterprise (SME) Challenges
Accounting professionals must adapt to the unique problems faced by
Read MoreFoundational Management Concepts: Maslow, Informal Org, McGregor
Maslow’s Hierarchy of Needs
Maslow classified human needs into five levels, represented as a pyramid, and which must be met progressively. These needs are a source of motivation, which diminishes once they are met.
- Physiological Needs: Basic survival requirements (e.g., food, water, shelter).
- Security Needs: Appear when physiological needs are sufficiently satisfied. These include personal security, financial security, and health and well-being.
- Social Needs (Love and Belonging): These include the need