Assignment T1, 2015

Assignment T1, 2015 - MPE 781/981 Economics for Managers...

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MPE 781/981- Economics for Managers Trimester 1, 2015 Assignment: Economics Case Study Due on the 4th of May ( Monday, 11:59 pm), 2015. I. Assignment Overview: This assignment is based on an article pub- lished in The Economists’ Voice titled ‘The Power of Awards’, by Bruno S. Frey ad Jana Gallus, in 2014. The article is already attached to this as- signment question. Please read the article carefully before attempting this exercise. You will also need to draw on other resources available through the library as well as external resources. Please note that you need to provide clear references for your sources when citing research and data. II. Learning Objectives: This assignment is designed to encourage you to think about the application of concepts learned in this unit in a real world scenario. This assignment, indeed, is interesting as it explains how the existing economic theories can explain the implication of the power awards, in particular, how awards provide incentives to individual members of an organisation or promote certain norms in the society/organisation. We hope that this assignment will expand the horizon of your thoughts. 1
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III. Assessment: Your score on this assignment contributes towards 40% of your final score for this unit. Based on the attached Rubric , your assignment will be graded on your use of appropriate economic theory and concepts, clarity of exposition and overall quality of your answers. Although you can work in group, this is not a group assignment and you must submit answers individually. IV. Submission: This assignment must be submitted electronically on CloudDeakin (CD) Dropbox area by all students by 11:59pm on the due date. No hard copy is required. Print your name and student ID clearly on the first page of your answers. Please check the Academic Honesty and Misconduct section in the Unit Guide. Submitting your answers automati- cally implies that you have read and accepted the Plagiarism and Collusion Declaration, and that the submitted answers are entirely your own work. V. Questions: Answer all questions. Limit the total word count of your assignment to less than 3,000 words. You are encouraged to provide necessary graphs, figures and tables with data wherever possible, which are not subject to word limit. Please be careful in implementing referencing styles. 1. In your own words, summarise the article. What is the main message of this article? [8 marks] 2. According to Authors, “Where performance can only be vaguely deter- mined, awards have a comparative advantage over monetary incentives.”- in light of the article and based on your own research, please explain why the authors suggest so. Can you provide a counter example of the above statement? What is the di erence between the Monetary 2
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Compensation and Awards in relation to designing of an incentive mechanism? [8 marks] 3. Suppose you are a CEO of a garments company called ‘XYZ’. In your company, there are ten mangers and one thousand workers, who are working under ten di erent sections. Your objective is to maximise the profit by increasing the performance of each section. Explain how do
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