Search results for: 'risk aversion'
Halo Top Ice Cream & Behavioral Economics AH1-003-I
How do you go about making difficult decisions and what are the key psychological shortcuts and biases that may impair your rationality? This case uses the real-life example of the successful launch of Halo Top’s ice cream brand in the United States as the basis to construct a psychological review of the decision-making process of the company founder, advisers and consumers, helping to identify and illustrate some of the most common principles, heuristics and biases of Behavioral Economics. To do so, the case puts students in young entrepreneur Justin Woolverton’s shoes when he has to decide whether to launch the brand or keep his job as a lawyer, and then goes beyond to review the marketing process and consumer insights that are normally present in product introductions and promotions.
Should Justin quit his highly lucrative day job as a lawyer and pursue his ice-cream making dreams? And, if he were to decide to launch his brand, what are the psychological biases and mind-traps that he would have to avoid (when making his decisions) or factor in (when considering those of his potential consumers)?Academic Area:Organisational Behaviour | Economic Environment & Public Affairs | Others
Quantitative decision analysis MC021-021-I
This technical note introduces students to quantitative methods and modeling techniques to facilitate decision making. In order to learn how to apply scientific methods to help them choose the best possible strategy to reach their goal. Using an example, students are taught how to make a decision using expected values in order to transform non-controlled variables into a numeric value.
Various examples are given so that students can learn how to make decisions based on different levels of risk aversion.Academic Area:Operations & Supply Chain Management | Others