What is the Maximin principle according to John von Neumann? The Maximin principle can be used to optimize a decision under worst-case assumptions. One can achieve a maximin decision by considering for each of one’s possible decision options the constellation that leads to the worst payoff in each case. These are the worst cases. Subsequently, …
Laplace proposed a simple decision-making principle for those cases where no probability of occurrence of possible effects is available and where assumptions do not make sense. It recommended that in such cases all possible effects should be considered and taken into account with the same probability of occurrence. The decision is then taken on the …
The regret principle scrutinizes decision options for the loss that a decision made will cause if things turn out in such a way that another option would have been the optimal one. In this sense, when applying the regret principle to each decision option, one will evaluate the potential loss relative to the outcome under …
The subjective-expected-utility principle (SEU) is suitable for decisions under risk, i.e. for decision situations in which probabilities are not explicitly available. In these cases, one assumes subjectively perceived utility values for each of one’s own decision options, which one considers to be applicable from one’s own strategic and tactical position. The decision is made for …
To achieve the best outcome for all involved, it is desirable to increase the likelihood of cooperative behavior in decision-making situations that interact. In repeated interactions, good experience can promote confidence in cooperative behavior. However, even good experience with previous transactions does not preclude a partner from defecting in the future. One proven way that …
Motivation comes from , which can be addressed by . may be useful to you in your leadership work.
People are driven to activities by different motives. Some people are particularly motivated when they can form and maintain social relationships and bonds. They are motivated by so-called “connection motives”. Other people are driven by the fact that they can do excellent work and receive recognition for it. They are motivated by what are known …
Connection motives, achievement motives and power motives are triggered by intrinsic and extrinsic motivation factors. Intrinsically motivated courses of action coincide with people’s views and attitudes. They are synonymous with self-determined action. People would act that way anyway because of their values and their interests. They do not need to be prompted to do so …
Several theories of motivation are available. The Incentive is relevant for practice, but also the , the and .
Organizations can be seen as cooperative systems in which some trading takes place. Employees compare the contribution they are expected to make with the wage they are promised. If the wage is at least equal to the contribution, you as a manager can expect with high probability that the employee will make this contribution. Wage …
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