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"Level of aspiration."
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Tempus Fugit: Time Pressure in Risky Decisions
We study the effects of time pressure on risky decisions for pure gain prospects, pure loss prospects, and mixed prospects involving both gains and losses. In two experiments we find that time pressure has no effect on risk attitudes for gains, but increases risk aversion for losses. For mixed prospects, subjects become simultaneously more loss averse and more gain seeking under time pressure, depending on the framing of the prospects. The results suggest the importance of aspiration levels, and thus the overall probability to break even, under time pressure. We discuss the implications of our findings for decision-making situations that involve time pressure.
This paper was accepted by Uri Gneezy, behavioral economics.
Journal Article
Stephen Florida : a novel
\"Follows a college wrestler in his senior season, when every practice, every match, is a step closer to greatness and a step further from sanity. Profane, manic, and tipping into the uncanny, it's a story of loneliness, obsession, and the drive to leave a mark\"-- Adapted from publisher summary.
Book
What you need to succeed. 8, Aspiration and ambition
Students will learn ways to think about and identify their aspirations, values and beliefs. They'll understand how these are formed and change over time, and learn ways to harness them to be a better learner and to prepare themselves for the world of work.
Streaming Video
What you need to succeed. 10, My future self
Students will consider how knowledge about their personal strengths, interests and aspirations relate to where they might fit in an organisation (e.g. entrepreneur, boss, team member, assistant) and in the world. They'll learn about how this might change over time and understand the factors that influence it.
Streaming Video
ENTERING NEW MARKETS: THE EFFECT OF PERFORMANCE FEEDBACK NEAR ASPIRATION AND WELL BELOW AND ABOVE IT
Research summary: This study draws on the resource-based view and the behavioral theory of the firm to gain new insights about the effect of performance relative to aspiration level (i.e., performance feedback) on the decision to enter new markets. Results show an inverted U-shaped relationship between performance both below and above aspiration level, and the probability of firms to enter new markets. That is, when firms are well below or well above their aspiration level, they significantly change their behavior. This article develops a theoretical framework to clarify and organize these findings. Managerial summary: This study examines the effect of performance feedback, and particularly, large discrepancies between firm performance and aspiration level on the decision to enter new markets. It provides support to the role of performance feedback in affecting the decision to enter new markets, a factor that has received relatively little attention in the extensive literature that has examined the inducements of such moves. Results show that, as performance falls below or rises above aspiration, a firm's probability of entering new markets increases up to a certain point after which this relationship decreases. This shows that the tendency to enter new markets is different for firms that are in the neighborhood of aspiration level compared to those that are well below or above it.
Journal Article
Organizational responses to performance feedback
Performance feedback theory has been recognized as a generative theory in organization and management studies that explains why, when, and how organizations initiate or discontinue specific strategic actions. Over the past decades, an extensive body of empirical research has tested the theory, refined its key tenets, and broadened its applications. Yet, empirical results on the effects of performance feedback often vary and even produce conflicting insights that are difficult to interpret. Following recent developments, we suggest that empirical controversies can be largely reconciled once we consider different performance feedback conditions, organizational actions, and boundary conditions. We conducted a meta-analytic review of 113 empirical studies to statistically evaluate how and why the effects of performance feedback may vary according to various factors. By identifying factors shaping organizational responses to performance feedback, this study helps integrate existing empirical evidence and offers new directions for future theoretical development and empirical research.
Journal Article
Coevolutionary dynamics of aspiration and strategy in spatial repeated public goods games
The evolutionary dynamics remain largely unknown for spatial populations where individuals are more likely to interact repeatedly. Under this settings, individuals can make their decisions to cooperate or not based on the decisions previously adopted by others in their neighborhoods. Using repeated public goods game, we construct a spatial model and use a statistical physics approach to study the coevolutionary dynamics of aspiration and strategy. Individuals each have an aspiration towards the groups they are involved. According to the outcome of each group, individuals have assessment of whether their aspirations are satisfied. If satisfied, they cooperate next round. Otherwise, they switch to defecting. Results show threshold phenomenon for harsh collective dilemma: cooperators sticking to high levels of aspiration can prevail over defectors, while cooperators with other levels are invariably wiped out. When the collective dilemma is relaxed, cooperation is greatly facilitated by inducing a high level of diversity of aspiration. Snapshots further show the spatial patterns of how this coevolutionary process leads to the emergence of an optimal solution associated with aspiration level, whose corresponding strategy are most prevalent. This optimal solution lies in one and the highest aspiration level allowed, and depends on the intensity of the social dilemma. By removing the memory effect, our results also confirm that repeated interactions can promote cooperation, but to a limited degree.
Journal Article
Performance feedback, financial slack and the innovation behavior of firms
Building on Cyert and March’s (1963) behavioral theory of the firm, we investigate how firms adjust their exploratory and exploitative innovation activities in response to performance feedback, and how this adjustment is moderated by the firms’ financial slack. We find that firms invest in a different mix of innovation activities when they receive positive versus negative performance feedback. Specifically, our empirical results show that the higher a firm’s performance is above its aspiration level, the lower will be the share of exploratory innovation in its total portfolio of innovation activities. In contrast, the lower a firm’s performance is below its aspiration level, the higher will be the share of exploratory innovation in its total innovation activities. While financial slack has the direct effect of increasing the share of exploratory innovation activities, its interaction with performance feedback appears to moderate this effect when the firm is underperforming.
Journal Article
