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Factors of behaviorial economy impacting on the company management

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Peredy Z., Chaudhuri S., Li J.

Zeszyty Naukowe ZPSB Firma i Rynek

2023

issue 2(64)

33-53

Celem artykułu jest zbadanie sposobów poprawy poziomu produktywności poprzez racjonalną organizację i alokację czynników ludzkich, finansowych i materialnych w istniejących warunkach. Artykuł jest próbą ukazania wpływu nurtu ekonomii behawioralnej na zarządzanie. Autorzy bazują głównie na dyskusji literaturowej, teoretycznej. Zalecenia w artykule są zestawem teoretycznych postulatów.

Management science came into being to meet the needs of modern, socialized mass production. Its purpose is to study how to improve the level of productivity through rational organization and allocation of human, financial, and material factors under the existing conditions. Management is a comprehensive, interdisciplinary subject. Economics is an independent subject in modern times, and it is a science about the law of economic development. Economics not only forms the theoretical foundation of management together with mathematics and psychology but also provides analytical methods for management. The relationship between economics and management is not unidirectional but bilateral, which can be said to be an interactive relationship that promotes each other. Finally, due to the close linkages and integration of economics and management, marginal disciplines such as economic management and management economics have emerged one after another, while most of the research in the field of economic management has both an amphibious nature of economics and management. Traditional economics focuses on rational decisions based on profit maximization, cost and delivery time reduction, and raising output volume and quality. On the contrary, behavioral economics doesn’t assume that people are good at utility maximization or that it is people’s only goal. The behavioral economics underpinning the interested actors psychological biases (e.g., loss aversion), limited cognitive resources, and care about other values such as fairness, all of which can impact their economic decisions, and analyzing the consequences of these decisions on market prices, returns, and resource allocations. The above is an understanding of the definition and content of management and economics, including psychological factors that determine the level of rational behavior of an individual in decision-making and the nature of his or her interpersonal and intergroup interactions. The ultimate goal of behavioral economics is to increase the explanatory power of economics with the help of a realistic psychological base, because human behavior is not only the subject of economics but also of psychology and the social sciences as a whole. In this context, this review paper focuses on the “fine-tuned balance of the combination of management and economics and makes an analysis to reveal the possible linkages between them, concluding some feasible, exploitable remarks and recommendations as well in the field of everyday running business at the companies.

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1 Zeszyty Naukowe ZPSB Firma i Rynek

1 Chaudhuri S.

1 Li J.

1 Peredy Z.

1 2023

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Factors of behaviorial economy impacting on the company management