The GaryVee Content Model. Mammalian Brain Chemistry Explains Everything. The AI Rush. Related Books Free with a 30 day trial from Scribd. Dry: A Memoir Augusten Burroughs. Related Audiobooks Free with a 30 day trial from Scribd. Empath Up! No problem. Views Total views. Actions Shares. No notes for slide. Thus, they have incentives to limit the discussion with the customer and to dispatch a service representative even if a longer discussion would address the issue over the phone.
The service representatives like this arrangement because they are compensated on the number of service calls they make. Neither the phone representatives nor the service representatives have incentives to take the follow-up activities seriously. The phone people do not want to learn how to serve customers better if it means handling fewer calls. Similarly, the service representatives want to make service calls.
It is true that the Societe Generale employee traded on behalf of the bank and that any of the direct gains and losses from the transactions would go to the bank not the employee. It is likely that at least part of his bonus was either directly or indirectly tied to his performance as a trader. Also his performance could affect his prospects for proportions to higher level positions and compensation at the bank.
Nevertheless, he could have concluded that the prospects of a higher bonus and promotion outweighed the costs. He apparently had confidence that the European stock market would increase over time. His knowledge of the control system helped him to conceal the transactions and reduce the likelihood that his actions would be detected.
The example raises managerial questions about whether it is wise to move an employee with detailed knowledge of the internal controls into a trading position without additional monitoring or better controls. Annual bonuses and the prospects for promotion provided important incentives in banks and many other organizations. Even well designed incentive plans can motivate a certain amount of unproductive and even illegal behavior.
Reasonable controls and safeguards should be adopted to limit negative behavior. As a manager it is important you consider these issues before the problems arise. The box in this chapter on the subprime mortgage crisis emphasizes the same point. A primary purpose of this book is help managers become better designers of organization architecture. You need to calculate your marginal incremental costs to decide if you should accept or reject the proposed deal.
The monthly lease and insurance expenses are not incremental, but sunk you pay them whether you take the deal or not. You expect that the trucker will use the gallons of fuel. The customer will pay this cost once he reaches miles. You have no other use for the truck for the week and thus there are no additional opportunity costs. Your optimal course of action could change if you faced a limit on wholesale fuel purchases. In this case it is no longer optimal to accept the proposal.
Holding income and preferences constant across the two countries, you would expect to observe lower wine consumption in the country with the higher tax rate.
This is illustrated by the following graph: 5. Before you take any action you should consider whether there is any data that you could use to help confirm the validity of your explanation. For example, at a minimum you would want to determine whether the tax rates are actually different in the two countries. It might also be useful to examine data across a larger sample of countries to help confirm that there is a negative relation between tax rates and wine consumption across countries. Other possible data and analysis could be useful.
You should also consider whether there are any other plausible explanations that could explain the differences in wine consumption e. For example, there might be differences in the legal drinking ages between the two countries, but data suggests that few youthful legal drinkers consumer wine for example, they consume primarily beer. This book focuses on economic theory, not data analysis.
However, it is important to note that it is usually important for managers to rely on both theory and data in decision making. Data analysis, while beyond the scope of this book, is typically an important component of business and economic education. Now suppose that you have determined that the likely cause is the difference in tax rates, there are at least two actions that you might take to increase wine sales in the country with the higher tax rate. First, you might bottle the wine in larger bottles.
The tax is on a per bottle basis and thus the customer pays a lower tax per unit of volume when the wine is sold in large bottles. This strategy is an example of being creative in getting around constraints. As we discuss later in this book, politicians and regulators can often be influenced by lawful actions of powerful business and lobby groups.
A preferences-based explanation for the differences in consumption between the two countries would focus on potential differences in tastes and preferences between the citizens of the two countries. Also it is often difficult to collect data to determine whether differences in preferences actually are driving the differences in consumer behavior. That said, consumer choice is determined by both constraints and preferences and sometimes differences in behavior are driven by differences in preferences or a combination of differences in constraints and preferences.
Depending on the differences in preferences across potential customers, it may be possible to develop productive managerial responses. Nordling, Jeff L. Paul Siebert. Robert Youngson. Jernberg, Phyllis B. Wang, B. Sunden, R. Mits By Lillian Rosanoff Lieber. Pocket Guide Incredibly Easy!
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