Author: EconLearner

But could managers use A/B testing in the service of something very different – ​​like designing the best way to motivate their employees? That’s what two researchers at the Kellogg School of Management believe. In a new study, George Georgiadis and Michael Powell, both associate professors of strategy, develop a model that shows how organizations can use A/B testing to find more effective ways to structure performance incentives. They determine that even a single A/B test can provide a surprising amount of information about how employees will respond to a range of motivation strategies. And they offer a framework for…

Humans benefit from AI in several ways. But AI also has the potential to reproduce or exacerbate long-held prejudices. As machine learning has matured beyond simpler task-based algorithms, it has come to rely more on deep learning architectures that pick out relationships that no human could see or predict. These algorithms can be extremely powerful, but they are also “black boxes” where the inputs and outputs may be visible, but exactly how the two are connected is not transparent.Given the sheer complexity of algorithms, bias can creep into their results without their designers intending it or even knowing that bias…

November is National Entrepreneurship Month, which aims to highlight small business founders and owners and their contributions to innovation and economic impact. According Fudge there are 12.3 million women-owned businesses in the United States. For many, launching, growing and scaling is a lonely journey. Jenny Shum, CEO of Chase Ink says that one thing that can help make the journey less isolating is to lean into a community of like-minded people for support. “It’s that community connection that helps business owners find the resources they need to succeed.” The role recognized can play While the importance of being part of…

But according to new research from Ike Silver, an incoming assistant professor of marketing at the Kellogg School, taking a position of neutrality can come at an unexpected cost. Consider Taylor Swift’s years of silence on political issues. Far from discouraging speculation about the pop star’s views, she avoidance seemed to fuel it. (Swift ended the guessing game by endorsing Democratic candidates in 2018.)Silver and his co-author Alex Shaw at the University of Chicago were thrilled by the public’s reaction to politically averse figures like Swift. “People seemed to react so strongly to public figures not taking part,” he says.…

In 2008, the Wall Street Journal’s Posted by Craig Karmin Biography of the dollar. In it, Karmin casually observed that before 1971, “there was no need to buy foreign exchange because all major currencies were pegged to the dollar rate and could only change in unusual circumstances.” All major currencies were pegged to a dollar which was pegged to gold as 1/35u of an ounce of gold. There is a lot of information in the previous truth. What this typically tells us is that whatever your view of gold is, you cannot seriously deny the remarkable stability as a measure…

Recent survey with Benjamin Friedrich of Northwestern University’s Kellogg School of Management and Martin Hackmann of UCLA illustrate these important points. Using data from Denmark, they estimate that for every day a nursing home is short a nurse, more than a day of an elderly patient’s life is lost. When nursing homes are short-handed, their residents die earlier. As Friedrich explains:Conversely, when hospitals and nursing homes can adjust to supply-demand imbalances by easily recruiting and retaining nurses, it saves lives.Unfortunately, adapting in this way has not been easy for Danish healthcare facilities. Friedrich and Hackmann document how various constraints meant…

Adopting a leadership mindset starts with these eight key elementsgetty According to LinkedIn’s 2023 Most In-Demand Skills report, leadership and management rank highly in the top five skills cited as a key requirement by employers advertising jobs on the platform. It is clear that whether you are in or aspire to work in leadership roles or not, you will need leadership skills and a leadership mindset to be successful in your career. But how do successful leaders really think? What are their business and professional development secrets, and how can you adapt these principles to your own career to accelerate…

Don’t underestimate the power of the holiday job search.getty Many people think that continuing the job search during the holidays is a waste of time. For one thing, it can seem very difficult to combine socializing and holiday cheer with a job hunt. Or you may feel so tired from the year’s events that you need a break. But it could actually be the perfect time to look for a new position. Contrary to popular belief, hiring doesn’t stop during the holidays. Employers hire when they need talent. And these key roles sometimes open up at the end of the…

So what is the impact of using these types of identifiers when movements are trying to gain allies? “Do these labels move people, or do they actually cause a bit of controversy?” asks Cynthia Wang, clinical professor of management and organizations at Kellogg. For people who already support the cause, familiar words could energize them. But for those who are lukewarm, the labels could backfire.In a new study, Wang and his colleagues, including Brayden King, professor of management and organizations at Kellogg, conducted online experiments to assess participants’ support for a hypothetical gender equality policy in an organization. Among people…

Couple discussing Long Term Care costs and options.getty One of the challenges of retirement is, if I need it, how will I pay for the premiums and Long Term Care (LTC) costs? Many people mistakenly believe that Medicare will pay for the cost. While it will pay for rehabilitation care, it does not pay for classically defined long-term care. That being said, how can you start paying or thinking about paying for LTC? Many people might assume that they would just take money out of their 401(k) or IRA account and pay that way. Well, of course, that will mean…