The Behavioral Economics in Marketing's Podcast

Tips for Overcoming the Principal-Agent Problem

The "Principal-Agent Problem" is an economic term for the competing priorities between a leader and an employee. In the workplace, the "Principal-Agent Problem" looks like employees showing up late, taking long lunches, browsing the internet on the clock, procrastinating and missing deadlines. A few ways that leaders can overcome the "Principal-Agent Problem" is through transparency, motivation, incentives and communication. 

Moral Hazard | Definition Minute

In this episode, we are considering "moral hazard". A moral hazard is a situation in which a party has limited responsibility for the risks or is completely protected from risk will in some way act differently than if they didn't have that protection. 

Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, I will define economic theories, in a minute or two. The topics will be review, introductory or discrete in nature. 

Leading Through Flow Theory

Flow Theory is a mental state in which a person performing some activity is fully immersed in the task at hand. Leaders who wish to incorporate flow into the workplace should consider these seven conditions with regards to their team and each team member individually. In this episode, we discussed the characteristics and conditions of flow and how to implement it in the workplace.

Asymmetric Information | Definition Minute

In this episode, we are considering asymmetric information. The term asymmetric information describes when one party in an economic transaction possesses greater material knowledge than the other party. 

Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, I will define economic theories, in a minute or two. The topics will be review, introductory or discrete in nature. 

Diamond-Water Paradox | Definition Minute

The Diamond-Water Paradox presents the human contradiction that although water is necessary to survival and diamonds are frivolous purchases; diamonds command a much higher price in the marketplace than water. 

Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, I will define economic theories, in a minute or two. The topics will be review, introductory or discrete in nature. 

Consciously Creating Cultural Capital

Cultural capital is a sociological term that can be defined as the tangible and intangible social assets and patterns of behaviors of a person or organization and includes specific knowledge and shared experiences that confer social status, power and inclusivity. Cultural capital is considered the new competitive advantage and a root of organizational success. In this episode, we considered strategies for consciously creating cultural capital.

Special Announcement: Hub and Spoken Travel Show Now Live

This special announcement is about the Hub and Spoken Travel Show. Listen in for the news! 

And check out the Hub and Spoken Travel Show on Spotify!

Intro to Behavioral Economics in Marketing Leadership | Season 3

Behavioral economics is the study of decision-making and can give keen insight into employee behavior. Leaders can tap into Behavioral Economics to create happy and healthy working environments for their direct reports and fellow employees, invest in their team, increase team engagement and motivate their team. In Season 3, we will talk about Cultural Capital, Agency Cost, IKEA Effect and Herd Behavior among others. 

Trailer | Behavioral Economics in Marketing Podcast | Season 3

As a marketing professional, you are called to be a leader, even if you aren't a leader by title. For that reason, this season will build on the theme of leadership introduced in the previous season. Stay tuned for great episodes such as: Consciously Creating Cultural Capital and Overcoming the Principal Agent Problem!

Framing Effect on Delegation

The framing effect is about how employees' decisions tend to be affected by the way in which the choices are framed through words, body language, tone, presentation and placement. In this episode, we discussed ways for leaders to apply the framing effect in the successful delegation.