Webinars

Virtual Teams in a Gig Economy

Event Info

icon_calendar.jpg May 20, 2021
icon_clock.jpg12noon ET
icon_stopwatch.jpgDuration: 1 hour

Speaker

DAS Yan Chen is the Daniel Kahneman Collegiate Professor in the School of Information at University of Michigan, and Distinguished Visiting Professor of Economics at Tsinghua University. Her research interests are in behavioral and experimental economics, market and mechanism design, information economics, and public economics. She conducts both theoretical and experimental research. She is a former president of the Economic Science Association, an international organization of experimental economists. Chen has published in leading economics and management journals, such as the American Economic Review, Journal of Political Economy, Journal of Economic Theory, and Management Science, and general interest journals such as the Proceedings of the National Academy of Sciences. She serves as a Department Editor of Management Science

While the gig economy provides flexible jobs for millions of workers globally, a lack of organization identity and co-worker bonds contributes to their low engagement and high attrition rates. To test the impact of virtual teams on worker productivity, retention and well-being, we conduct a field experiment with 27,790 drivers on a ride-sharing platform. We organize drivers into teams that are randomly assigned to receiving their team ranking, or individual ranking within their team, or individual performance information (control).  We find that treated drivers generate significantly higher revenue. Furthermore, drivers in the team ranking treatment continue to be more engaged three months after the end of the experiment. Survey data suggest that peer learning and team identity contribute to the virtual team efficacy.


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Utility over Risky Payoff Streams: Normative and Descriptive Approaches

Event Info

icon_calendar.jpg March 23, 2021
icon_clock.jpg12noon ET
icon_stopwatch.jpgDuration: 1 hour

Speaker

DAS Manel Baucells teaches Quantitative Analysis courses in Darden’s MBA and Executive Education programs. Manel research focuses on incorporating psychological realism into consumer behavior models by considering factors such as anticipation, reference price comparison, mental accounting, range effects, and satiation. He serves as department editor for the journal Management Science and associate editor for Operations Research.

Co-authors: Manel Baucells, Michal Lewandowski, and Krzysztof Kontek

 Abstract: We provide behavioral foundations of a preference model for risky payoff streams, a broad domain having timed lotteries, income streams under certainty, and repeated lotteries as special cases. Following expected utility and the notion that time is perceived as inherently uncertain, we inadvertently rediscover Bell's (1974) model. To this bedrock, we add the notion that preferences are affected by range effects. The result is a behavioral model with a broad domain and consistent with a plethora of phenomena (bias towards short payback periods, the four-fold patterns for risk and time, preference reversals for risk and time, temporal patterns of decreasing or increasing impatience, and magnitude effects).



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Properties of Utility Functions for Money

Event Info

icon_calendar.jpg January 29, 2021
icon_clock.jpg12noon EST
icon_stopwatch.jpgDuration: 1 hour

Speaker

David Bell Professor David Bell

David E. Bell is a Baker Foundation Professor at Harvard Business School.  He has a BA degree from Oxford University in Mathematics and a PhD from MIT in Operations Research.

In 2001 he was awarded the Ramsey Medal, the highest distinction of the Decision Analysis Society of INFORMS.

This talk is intended as the first of many in which decision analysts give casual talks on topics of interest to them. I will review, in a non-detailed way, three papers that I have written (during my career, i.e. not recently, and for the most part uncelebrated) that concern utility functions for money. An appropriate audience would be decision analysts with some research interest in the properties of utility functions. Though most of my published work has concerned multiattribute utility, this talk will not, except tangentially. It will also not be a general review of decision analysis.

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