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M: Expectancy

LDRLB

This post is the third in a series on motivation theory. Expectancy theory attempts to explain the mental processed of choice or choosing. The theory itself was first proposed by Victor Vroom, who served as a professor at Yale School of Management. These elements are: valence, instrumentality and expectancy.

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M: Expectancy

LDRLB

Expectancy theory attempts to explain the mental processed of choice or choosing. The theory itself was first proposed by Victor Vroom, who served as a professor at Yale School of Management. These elements are: valence, instrumentality and expectancy. Expectancy theory presents a formula for motivation.

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Extrinsic Vs Intrinsic Motivation at Work

LDRLB

More than 50 years ago, the psychologist Victor Vroom developed what he called expectancy theory to explain how extrinsic motivation works and to diagnose whether or not your plan is working properly. How can we put systems in place to increase feedback? In fact, most do not. And largely for one of three reasons.

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My Buffalo Wild Wings Rant

LDRLB

Expectancy theory tells us incentives work when task performance is easily related to the reward, and the reward is desired. But if you make the incentive too complex, or one no one cares about, the system falls apart. You get waitresses who don’t care if I become a member of the hallowed Buffalo Circle.

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Extrinsic Vs Intrinsic Motivation at Work

LDRLB

More than 50 years ago, the psychologist Victor Vroom developed what he called expectancy theory to explain how extrinsic motivation works and to diagnose whether or not your plan is working properly. How can we put systems in place to increase feedback? In fact, most do not. And largely for one of three reasons.

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Economics Nobel a Lagging Indicator

Harvard Business Review

In this case, the award has been given for work that shores up a fiction of economics—rational expectations theory—that is complicit in the financial crisis and has been renounced even by Alan Greenspan. Econometricians would characterize the Prize as a lagging indicator of the state of the discipline.

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The (Many) Things Macroeconomists Don't Know

Harvard Business Review

Another quote: " Rational expectations theory has brought macroeconomics a long way. It captures what's happening when a systemic crisis is unfolding," Trichet said. Buuut "atomistic rational agents [the figures that populate DSGE models] don't capture behavior during a crisis." Now, none of this is exactly news.

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