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THIS IS THE RESPONSE:

The DQ asks you to "identify a personal economic decision that was driven by a behavioral bias rather than by pure rational behavior. Given your understanding of behavioral economics, how would your decision differ today?"

It is not clear what personal economic decision you made that was driven by a behavioral bias rather than by pure rational behavior. Please read the required readings below which are relevant to this DQ. As I explained in my "Introduction to Week 4" announcement, these articles are listed in the Topic 4 link on the course page.

These articles are:

• Applied behavioral economics and consumer choice, by DiClemente and Hantula, from theJournal of Economic Psychology(2003)
• Behavioural Economics 101: Judgment, choice and time, by Loewenstein, fromRotman Management(2017)
• Behavioral economics: Principles, procedures, and utility for applied behavior analysis, by Francisco, Madden, and Borrero fromBehavior Analyst Today(2009)
• From 'Economic Man' to behavioral economics, by Fox, fromHarvard Business Review(2015)
• Seeking the roots of entrepreneurship: Insights from behavioral economics, by Astebro, Herz, Nanda, and Weber, fromJournal of Economic Perspectives (2014).

You should also watch the following video:

Behavioral Economics: Crash Course in Economics

THIS WAS MY INITIAL RESPONSE:

I would have to say that with the company that currently work for we had multiple contracts with different companies throughout Georgia, with one overseer in place with an assistant. During my 5 years being the Supervisor over Tift County High school, I only saw the overseer during the summer months when we were stripping and waxing floors. During the regular school year would would not see him hardly enter the building and he would call me to tell me to meet him at a certain part of the property to retrieve that paychecks. There was no real leadership or understanding that his face needed to be seen in the schools. When he did come in to the school it had to be a email that went to his desk and he wanted to flex some muscle, but most of the time he would go into the offices of some that he thought were his friends, there were no discussions on how services were at the schools it was about fishing trips and things that were not relevant to the business. The assistant didn't know anything of any value, she was actually clueless to days that we were to take off. This has let to the loss of the Tift County school contracts being given to a company that was slightly lower than our contract. The fact of the matter was it was not the money that the company was seeking to get to give the employees of the company it was that there was a loose link in the chain that caused the termination of our company from the schools. But also buyer beware just because you choose something looks to be better for a better price does not mean that it is worth the price.

With the Overseer not being committed to his position with the company or the contract resulted in the closure of our contract, thus putting multiple people out of work and still looking for employment. So the lack of action of one person has truly effected the lives of many even to this day. I was fortunate to be able to go to the private school in which I was able to get 2 of those employees reemployed, as I continue to work my way higher into the company, I have learned what to and not to do when it comes to the relationships within the schools. The presence of someone who can get answers and make things happen needs to be seen not just a name on a business card. This is very critical in a smaller business than in a larger one or one that is more established. When a manager is not present or visible for others to see or be held accountable these are the actions that some employees exhibit: (2024). When Management is The Problem

1. The ambiguity of the goals
2. Fluctuation or lack of income
3. Poor productivity and performance
4. Authorities' conflict between employees and lack of organization
5. Wasted resources and time
6. Good staff dropout
7. Bad work culture
8. Poor quality

THIS WAS THE INITIAL POST:

Identify a personal economic decision that was driven by a behavioral bias rather than by pure rational behavior. Given your understanding of behavioral economics, how would your decision differ today?

NEEDING A REPLY TO THE VERY FIRST POST WITH DETAILS