Decision Theory Essays (Examples)
Study Document
Utility Maximization Theory And Economics
Is the theory of Utility Maximization Reliable for Rational Consumers to Make decision?
The article by Rothman about Johnson’s book focuses on the topic of how most people use “bounded rationality” to make their decision—that is, they do not use a true scientific process when deciding what to do with their lives. Rather they make choices based on … disadvantages. When it comes to their own lives, they do not know how to quantify the pros or cons of this or that decision. Thus, it is much more difficult to apply the theory of utility maximization, which stipulates that people spend their money trying to maximize the value of every dollar they spend. The reality is … entire sales industry is based on the assumption that consumers are moved more by impulse than by well-reasoned argument or scientific approach to decision-making.
Johnson argues that a decision is a value-maximizing equation—but……
References
Works Cited
Rothman, Joshua. “The Art of Decision Making.” The New Yorker, 2019.
https://www.newyorker.com/magazine/2019/01/21/the-art-of-decision-making
Study Document
Theory Practice Of Business Psychology In Johnson & Johnson Company
theory and Practice of Business Psychology
Table of Contents
1 Introduction 3
2 Motivators in the Workplace 3
2.1 Herzberg’s Two-Factor theory of Workplace Motivation 3
2.2 Vroom’s Expectancy theory 5
2.3 Maslow’s Hierarchy of Needs theory 7
2.3.1 Primary Motivators in the Workplace 8
2.3.2 Secondary Motivators in the Workplace 10
2.4 Extent of the Impact of Primary Motivators … organizational goals and objectives. Some theories can illustrate a few aspects of motivation and how it relates to the workplace setting.
Herzberg’s Two-Factor theory of Workplace Motivation
Fredrick Herzberg analyzed the concept of motivation from a distinctive point of view. By making inquisitions to persons specifically regarding … that is peaceful, ideal, and encouraging at all times. Ultimately, the company has a proper work-home balance (Johnson & Johnson, 2020).
Vroom’s Expectancy theory
This motivation theory was conceptualized by Victor Vroom in 1964, indicated the link between an individual’s motivation……
References
References
Asim, M., 2013. Impact of Motivation on Employee Performance with effect of training: Specific to Education Sector of Pakistan. International Journal of Scientific and Research Publications, 3(9), 1-9.
Heneman, H. G., & Schwab, D. P., 1972. Evaluation of research on expectancy theory predictions of employee performance. Psychological Bulletin, 78(1), 1.
Herzberg, F., 1987. One More Time: How Do You Motivate Employees? Harvard Business Review, 65, 5.
Herzberg, F., Mausner, B. & Snyderman, B. 1959. The motivation to work. New York. John Wiley.
Hilgert, R. L., Leonard, E. C., 2001. Supervision: Concepts and practices of management. New York: South-Western College Publication.
Johnson & Johnson., 2020. Wellness 360: 9 Innovative Johnson & Johnson Employee Benefits for Mind, Body, and Budget. Retrieved 25 February 2020 from https://www.jnj.com/health-and-wellness/innovative-employee-benefits-and-wellness-programs-from-johnson-johnson
Johnson & Johnson., 2020. Careers: Healthiest Finances. Retrieved 25 February 2020 from https://www.careers.jnj.com/employee-benefits/financial-benefits .
Johnson & Johnson. , 2018. 2018 Health for Humanity Report: Creating Unique Career Opportunities. Retrieved 25 February 2020 from https://healthforhumanityreport.jnj.com/our-people/creating-unique-career-opportunities
Study Document
Theories And Free Will
I agree with the theory that humans are born with innate ideas. This idea was best expressed by Plato (2010), who argued that “man must have intelligence of … too much.
Perhaps I felt pressured into following social conventions and drinking more than I should have, but there was still a conscious decision on my part, however slight, to go along with what was expected of me. Had my will to do what was right been ……
References
References
Plato. (2010). The Dialouges, vol. 1. Online Library of Liberty. Retrieved from http://lf-oll.s3.amazonaws.com/titles/111/Plato_0131-01_EBk_v6.0.pdf
Study Document
Impact Of Agency Theory
Agency theory
Agency theory refers to the relationship with the principle and the agent, where the principle delegates its financial decision making to the agent. In most cases, the agent is the owner/executive of the company while the principle is the shareholder. Challenging scenario … owner/executive of the company while the principle is the shareholder. Challenging scenario arises as there are two distinct sets of interest which cause decision making problems. Due to this complex and intricate relationship, conflicts of interest arises sometimes where the agent puts his interest before the principle’s … his interest before the principle’s causing problems to the principle sometimes. This is known as Principle-Agency Problem. It has long affected the key decision related to the firm where the agent and principle both have asymmetric interest, causing any one party to suffer at an extreme case.
… the agent and principle both have asymmetric interest, causing……
References
References
Demsetz, R. S. (1997). Agency Problems and Risk Taking at Banks.
Heath, J. (n.d.). Uses and Abuses of Agency Theory. Business Ethics Quarterly.
Kuypers, A. (2011). How is dealt with the agency problem and what is the role of the board of directors in it?
Lumen. (n.d.). Agency and Conflicts of Interests. Lumen. Retrieved from https://courses.lumenlearning.com/boundless-finance/chapter/agency-and-conflicts-of-interest/
Murray, I. (2016, September ). Wells Fargo and the Principle Agent Problem. Competitive Enterprise Institute.
Palia, D. (2007). “Agency Theory in Banking: An Empirical Analysis of Moral Hazard and the Agency Costs of Equity. Banks and Banks System.
Pennsylvania, W. U. (2017, August 08). Wells Fargo: What It Will Take to Clean Up the Mess. Wharton University of Pensylvannia.
Study Document
Agency Theory
Introduction
Agency theory is a theory explicating the relationship between the shareholders, who act as the principals, and the managers, who act as the agents. Within this relationship, the … an agent to carry out work and take actions in the best interests of the principal (Scott and O’Brien, 2003).
Imperatively, when the decision-making power and authority is delegated to another party, this can result in a loss of efficiency and subsequently increased costs. For instance, if … result in a loss of efficiency and subsequently increased costs. For instance, if the owner of a company partakes in the delegating of decision-making power to a manager, the agent in this case, it is conceivable that the manager will not work or operate as hard and … results of the company (Tearney and Dodd, 2009).
As a result, this could give rise to agency problems for the reason that this theory……
References
References
Ballwieser, W., Bamberg, G., Beckmann, M. J., Bester, H., Blickle, M., Ewert, R., ... & Gaynor, M. (2012). Agency theory, information, and incentives. Springer Science & Business Media.
Bou?ková, M. (2015). Management accounting and agency theory. Procedia Economics and Finance, 25, 5-13.
Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of management review, 14(1), 57-74.
Healy, P. M. (2005). Financial Reporting Problems at Molex, Inc.(A). Harvard Business School.
Larcker, D. F., & Tayan, B. (2007). Executive Compensation at Nabors Industries: Too Much, Too Little, or Just Right?. Rock Center for Corporate Governance at Stanford University Case Teaching No. CG-05.
Mitnick, B. M. (2015). Agency theory. Wiley encyclopedia of management, 1-6.
Scott, W. R., & O\\\\\\'Brien, P. C. (2003). Financial accounting theory (Vol. 3). Toronto: Prentice Hall.
Tearney, M. G., & Dodd, J. (2009). Accounting theory. H. I. Wolk (Ed.). New York: Sage.
Study Document
Healthcare Ethics Bioethics Decisions
… the infant would have trouble with bile production even with a new liver.
In fact, the only way to really make an informed decision in this case is to eschew any immediate emotional response to the four candidates and consider only the issue of which candidate will … difficult choices—many of which are essentially life-and-death matters. The principalist method avoids some of the pitfalls associated with adherence to only one ethical theory like utilitarianism or deontology.
Ethical principles become guiding forces to help people make ethical decision in cases as troubling as this one, involving who would be the ideal recipient for a precious organ. The primary ethical principles in … principles that can be applied to difficult situations (“Principlesd of Ethics,” n.d.). These ethical principles are based…[break]…candidate than Michael.
Recommendations
Before making any decision, the healthcare team needs to conduct a more thorough examination of the biomarkers that……
References
References
“Ethical Theory and Bioethics,” (n.d.).
“Principles of Ethics,” (n.d.).
Steinbock, B., London, A.J. & Arras, J.D. (n.d.). Ethical issues in modern medicine. 8th edition. McGraw Hill.
Study Document
Strengths And Weaknesses Of Various Organizational Behavior Theories
… definition of organizational behavior together with a statement of three prominent theories of organizational behavior, French and Raven's Five Bases of Power, Complexity theory and Resource Dependence theory. An explanation concerning the fundamental concepts of each of these three theories is followed by an analysis of their respective importance to a … and three of these theories are discussed below.
Three theories of organizational behavior
French and Raven's Five Bases of Power
The organizational behavior theory developed by French and Raven (1959) conceptualizes social power within a framework consisting of five discrete bases of power: (a) coercive power (i.e., … and attraction to managers); and (e) expert power (i.e., managers possess unique or specialized skills or knowledge). In other words, this organizational behavior theory focuses on the internal workings of an organization to describe the fashion in which personal and professional dynamics operate on a day-to-day basis … (1959)……
References
References
‘About Air India.’ Air India. [online] available: http://www.airindia.in/about-airindia.htm .
Arena, MJ ‘Understanding Large Group Intervention Processes: A Complexity Theory Perspective.’ Organization Development Journal, 27, no. 1 (Spring 2009): 49-53
Braunstein, JR and Zhang, JJ ‘Dimensions of Athletic Star Power Associated with Generation Y Sports Consumption.’ International Journal of Sports Marketing & Sponsorship, 6, no. 4 (July 2005): 242-245.
Buble, M and Juras, A ‘The Relationship between Managers\\' Leadership Styles and Motivation.’ Management: Journal of Contemporary Management Issues, 19, no. 1 (June 2014): 161-165.
French, JRP & Raven, B ‘Bases of power.’ In D. Cartwright (Ed.), Studies in Social Power (pp. 150-167). Ann Arbor, MI: University of Michigan, 1959.
Gruia, GC and Kavan, M ‘An Off-Line Dual Maximum Resource Bin Packing Model for Solving the Maintenance Problem in the Aviation Industry.’ Global Economic Observer, 1, no. 1 (January 1, 2013): 135-140.
Hillman, AJ, Withers, MC and Collins, BJ ‘Resource dependence theory: A Review.’ Journal of Management, 35, no. 6 (2009): 1404-1427.
Jain, AK ‘Organizational Citizenship Behaviour as a Potential Source of Social Power.’ Indian Journal of Industrial Relations, 45, no. 3 (January 2010): 396-401.
Study Document
Agency Theory And The Limitations Of Representative Government
… them, their political career and their political cronies. This paper will discuss the political nature of the federal budget process.
Politics and Agency theory
The political nature of the federal budget process is tied to the political nature of government in general. The budget itself is a … be found. The problem with the federal budget process is that it is overseen by individuals who suffer from the agent-principle paradox.
Agency theory posits that “an agency relationship arises whenever one or more individuals, called principals, hire one or more other individuals, called agents, to perform some service … arises whenever one or more individuals, called principals, hire one or more other individuals, called agents, to perform some service and then delegate decision-making authority to the agents” (ProActive Solutions, 2020). In terms of representative government, the representatives of the people are the members of Congress—they are ……
References
References
Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of management review, 14(1), 57-74.
Elwood, T. W. (2008). Politics of the US Federal Budget Process. International quarterly of community health education, 28(1), 3-12.
Jennings, M. (2008). Business Ethics: Case Studies and Selected Readings. Cengage.
Machold, S., Ahmed, P.K., & Farquhar, S.S. (2007). Corporate Governance and Ethics: A Feminist Perspective. Journal of Business Ethics (2008) 81:665-678.
ProActive Solutions. (2020). Agency theory. Retrieved from http://knowledgegrab.com/learners-zone/study-support/performance-management-review/framework-introduction-to-hrm/agency-theory/
Study Document
Discriminating Between Phenomenology And Grounded Theory Qualitative
Phenomenology and Grounded theory Approaches
Both phenomenology and grounded theory are commonly used approaches to qualitative research in the social sciences. While grounded theory and phenomenology can sometimes be used simultaneously in ways that “slur” or “blur” the distinction between multiple qualitative methods, researchers in education should … attention on the best method for exploring single, focused research questions and their real-world applications (Baker, Wuest, & Stern, 1992, p. 1355). Grounded theory has been described as a “practical method for conducting research” that shows how people construct meaning about their social world (Suddaby, 2006, p. … as a “practical method for conducting research” that shows how people construct meaning about their social world (Suddaby, 2006, p. 633). Therefore, grounded theory is sociological in origin and linked to the concept of symbolic interactionism (Starks & Brown Trinidad, 2007). The methods used for grounded theory approaches to research in the social science……
References
References
Baker, C., Wuest, J., & Stern, P. N. (1992). Method slurring: the grounded theory/phenomenology example. Journal of Advanced Nursing, 17(11), 1355–1360.doi:10.1111/j.1365-2648.1992.tb01859.x
Creswell, J. W. (2013). Qualitative inquiry and research design: Choosing among five approaches. eBook.
Norton, S.M. (2013). A phenomenological investigation into the self-efficacy beliefs of teachers who have presisted in the teaching profession. Liberty University Dissertation.
Starks, H., & Brown Trinidad, S. (2007). Choose Your Method: A Comparison of Phenomenology, Discourse Analysis, and Grounded Theory. Qualitative Health Research, 17(10), 1372–1380.doi:10.1177/1049732307307031
Suddaby, R. (2006). From the Editors: What Grounded Theory is Not. Academy of Management Journal, 49(4), 633–642.doi:10.5465/amj.2006.22083020
Wimpenny, P. & Gass, J. (2001). Interviewing in phenomenology and grounded theory: is there a difference? Journal of Advanced Nursing 31(6): 1485-1492.
Yalof, B. (2014). Marshaling resources. The Grounded Theory Review 13(1).
Study Document
Shareholder Vs Stakeholder Theory
Introduction
Milton Friedman’s quote gets to the heart of the conflict between shareholder theory vs. stakeholder theory. Shareholder theory posits that a corporation’s sole responsibility is to maximize the return on investment (ROI) for shareholders. Stakeholder theory posits, on the other hand, that a company owes a duty to all stakeholders (not just shareholders)—members of the community, workers, consumers; in … the four major sources of ethical values in business: Law, Culture, Philosophy, and Religion. It will show that in today’s business environment, stakeholder theory needs to be pursued instead of shareholder theory, and it will explain why starting with Friedman’s own words.
Without Deception or Fraud
Friedman believed that if a corporation is doing right … rest will take care of itself. The problem is that times have changed since Friedman made that statement. When Friedman argued for shareholder theory, corporate share buybacks were still illegal. It was not……
References
References
Augustine. (n.d.). Commentaries on Sermon on the Mount. http://www.newadvent.org/fathers/16011.htm
Chen, J. (2019). Market Milestones as the Bull Market Turns 10. Retrieved from https://www.investopedia.com/market-milestones-as-the-bull-market-turns-10-4588903
Egan, M. (2018). Tax cut triggers $437 billion explosion of stock buybacks. Retrieved from https://money.cnn.com/2018/07/10/investing/stock-buybacks-record-tax-cuts/index.html
Henrich, S. (2019). Unholy alliance. Retrieved from https://northmantrader.com/2019/11/30/unholy-alliance/
Laux, C., & Leuz, C. (2010). Did fair-value accounting contribute to the financial crisis?. Journal of economic perspectives, 24(1), 93-118.
Light, L. (2019). More than Half of All Stock Buybacks are Now Financed by Debt. Here’s Why That’s a Problem. Retrieved from https://fortune.com/2019/08/20/stock-buybacks-debt-financed/
Mullen, C. (2019). People want to buy \\\\\\'local\\\\\\' food, but they\\\\\\'re not sure what it means. Retrieved from https://www.bizjournals.com/bizwomen/news/latest-news/2019/05/people-want-to-buy-local-food-but-theyre-not-sure.html?page=all
Putka, G. (2019). Insiders are selling. Retrieved from https://www.washingtonpost.com/business/economy/company-insiders-are-selling-stock-during-buyback-programs-and-making-additional-profits-when-stock-prices-jump-and-its-legal/2019/11/06/fc592f58-e493-11e9-a331-2df12d56a80b_story.html
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